Banking As a Profession

For Young graduate, an attractive offer after college is banking profession. It remains in this most wanted job position for years and it is because it enjoys much respect and prestige in the society. After the extinction of BSRB the only window to enter into this well sought career is Probationary Officers (PO) Exams conducted by individual banks. Banks inducts eligible graduates by this exam for training for a probational period of two years. The selected candidates performance during the probation period will decide their position after training. Different Banks recruit probationary officers during different periods in the year. Students has to keep on watch about the notifications and should be alert on applying promptly.

Career as a Probationary Officer

Pursuing Career as a probationary officer is a unique experience in itself. But it is the most common and highly sought after question that "what a Probationary Officer really do?".After the selection and till the date of joining the same question was making my mind puzzle. Hence I would like to share some of my experience with all of you looking after banks as a career option. I would be sharing my day to day experience within the bank so stay with us ...


SBI Probationary Officer Recruitment Drive: Rush ! Only nine days remaining.

State Bank of India, the biggest Bank of India by branches and ATMs across the country has called for a big recruitment drive with having mood of selecting 1897 talented people on board vide advt. no. CRPD/PO/2014-15/01. The State Bank of India has already indicated that the last hour rush can be very high and generally the kind of organizations like SBI, does not increase its last dates like our State Governments Recruitment Boards. The online registration will remain open till 25th April and now only nine days are remaining for registration.

The candidate will have to face two phases of exam for getting selected. First phase would be including Objective Test of 200 marks containing four different sections (English Language, General Awareness; Marketing & Computers, Data Analysis & Interpretation, Reasoning (High Level) and Descriptive Exam of 50 marks of English Language, whereas later a group discussion and interview would be held for selected candidates.

The whole marks secured from both the two phases will be given out of 100 marks with giving weightage of 75:25 respectively. State Bank of India has given reminders about registering as soon as possible as very high number of people would be participating for the exam. Surely SBI is making good marketing by mentioning the package roughly about Rs. 840000/- per annum (lease amount mentioned considering 1897 will be posted in Mumbai only). 




You must have heard of the SBI again hiring 1837 Probationary Officers. The pay scale would be Rs. 14500-25700, but you must know that a probationary officer would get 4 added increments if gets selected in SBI only from the starting month itself. The bank has increased its lease amount last year making Rs. 29000 in Mumbai city for a starting PO, making jealous of other Bank's PO's receiving around 7-8 thousand INR. But you must have seen a caution there in the advertisement, which in itself says that the reasoning part would be of expert level (High level), which was never seen in last time advertisements.

So start preparing tough as the competition is going to be immense high. Last time it was 1100 per vacancy; this time it could be more than 1500, when all down traded Chartered Accountants CAs and B-techs are eyeing the landing place.


Chaudhuri leaves SBI merger for successor

State Bank of India chairman , retiring  by the end of this  month, has left the decision on more  of associate banks to his .

In her first formal interaction with journalists after becoming chairperson,  said the bank’s Asset/Liability Committee will take a final decision on cutting or raising rates. On consolidation within the group, she said the merger of associate banks was a long process. It also needed capital and half the financial year was over. The process might start this year but completion might not take place. Pratip Chaudhuri, her predecessor, had left the decision in this regard to his successor.

Earlier, it had been stated that SBI was to announce in September the name of the next associate bank it would be merging with itself. A panel headed by A Viswanathan, managing director, for merger of the associate banks has given  a report, preparing the groundwork and economic logic.

SBI has five associates — State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore and State Bank of Patiala. Two others, State Bank of Indore and State Bank of Saurashtra, were merged with SBI in 2008 and 2010, respectively.

The new chairperson has also proposed removing the cap of two transfers on ‘spouse grounds’ for both female and male employees. She is also considering introducing a longer sabbatical (leave on loss of pay) for employees, especially women, similar to the scheme she introduced in SBI Caps, when she was heading it. At present, SBI Capital offers leave without pay for up to six years.


Banks on two days off - wait of November

So awaited month of Nov. 2012 (for pay scale revision) is coming augmented with Employees of public sector banks are striking work for two days starting today i.e. Wednesday. This strike is as said “against reform proposals that would ease mergers and allow more foreign and private capital into the sector”.

It is also recommended in reforms agenda that wage hikes should be bank-specific and not industry-wide, as is the present practice. Whatsoever, the other thing is that we have got two days off and I got time for my favorite blog. These days, so many vacancies are out in Banking sector in clerical, officers and in specialist officers cadre. With a systematic and concentrated approach, it is not a big deal to prepare and crack these exams. SBI associate Banks i.e. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Maysore (SBJ), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and State Bank of Travancore (SBT) are looking up for a good number of clerical staff (7740 no.) this year. State Bank of Saurashtra (SBS) and State Bank of Indore (SBOI) has already been merged with parent i.e. State Bank of India. News is SBI's Management Board has approved this month for merging one associate this year itself. Let us see, what happens next.


Got confirmed ! Assistant Manager

As the State Bank Group and many other PSBs would require a newly joined officer to undergo probation of 2 years, other Banks in India like Bank of India etc. are having this stipulation for 1 year. During the probation period, an officer is officially called 'Probationary Officer' in the rank of 'Asstt. Manager'. But the same tag remains there for outside people and they will term you 'Probationary Officer' even after 2 years.

After that probation period (during which you can be expelled, giving a suitable reason like Misbehavior at any time, but it is rare), a confirmation exam is held in few Banks (State Bank conducts it and SBI even provides direct promotion chance to Scale II on the basis of performance in this exam) after passing of which probationary officer gets confirmed as an "Assistant Manager".

Our batch of probationary officers got confirmed (including ME) w.e.f. 1st July 2011 except 4 probationary officers because of one or other reasons.

Sigh of relief!

Yup, I am able to post again. These days I have been posted in showcase arena of CWG i.e. New Delhi. I have got final posting here as Credit Analyst working in Commercial Net Work (CNW) of our Bank which is regarded a good posting as we are directly in touch with the corporates instead of Personal Banking Customers (PBCs).


WIRE TRANSFER: A Good Start in Typical World

Like the National Electronic Fund Transfer (NEFT) or Real-Time Gross Settlement (RTGS) which brought revolution in cost effective Domestic Money Transfer, Wire Transfer typically transfers money from one bank account to another on international  level. It is an electronic transfer of funds. U.S. domestic transfers are commonly done using Federal Reserve Wire Network, while Internationally transfers are transacted via Society for Worldwide Interbank Financial Telecommunication (SWIFT). Western Union is a common way to make transactions between individuals (not Financial Institutions). Wire Transfers are considered the best way to transfer the money internationally. In our branch we are usually having orders to send money to other country using Wire Transfers. In NRI Jalandhar branch our bank is having a very high value transactions on this account. Money remittance using Wire Transfer is not only cost effective but also a simple version of old cumbersome methods to send money abroad.


Passing last days with Pass Books

Days are on move on the enquiry seat with all day printing pass books and telling the senior Citizens of India  that still they have to wait for some days to get credit of pension. Opening accounts without Cheque books is trend here along with going abroad. Got some arguments with a High Court Magistrate's second man over their pass book over which I was called by Chief Manager and Deputy Manager :)

At Last: I Got New Delhi

So Yesterday was a wonderful day, I got my final posting of choice. Yes, a list of all Scale - I Officers was circulated yesterday and I got Delhi Commercial Branch as my first permanent posting. I was having two places in my mind one my Home Town and other is Delhi. Delhi Commercial Branch is exceptionally unique branch in our bank. It is having highest business in our bank of 11000 Crore after Mumbai Commercial Branch. This Branch is known for big Corporate loans and very important Branch for a fresh learner. Our CIB training will be up to 17th April after that we will be relieved for our new branch.


FCNR (B): Favorite of Punjab NRI's

In Punjab, People are exceptionally interested in going abroad. Here you will find a member of every 2nd - 3rd family residing in foreign country whether it is Canada or Australia. They are earning handsome income there and remitting money back to their family in India. Here comes role of Banks!
Banks are working like channel for these persons to send money. NRI will be having their NRE (External) and/or NRO (Ordinary) accounts in banks. Whenever NRI wants to deposit a Foreign Currency as Fixed Deposit there is a special term given to that account called "Foreign Currency Non - Resident Deposit" (FCNR - B) account. Here they can deposit their money for a longer time in Indian Bank but in Foreign Currency and they will be earning interest that will also be paid in same currency. Today I created two FCNR - B accounts one was of USD 5000 and the other was GBP (Great Britain Pound) 2000.