banking and insurance

Banking and Insurance Details


BANKING AND INSURANCE

The Banking and the Insurance sector of India play a major role in the growth of the economy. Since, the initiation of these two sectors, they have gone through drastic changes catering to the changing demographics and the priorities of the population of the country.

In order to keep up with the changing times, this industry has had to adapt and give rise to a new way to take viable actions for this purpose. Indian Banking and Insurance system is a very well structured one; it focuses on the need of each part of the country contributing to the growth of the economy. As the Indian economy is poised for a faster growth rate, its financial sector dominated by both insurance and banking companies looks attractive for long-term investment. Indian banks and insurance companies can take advantage of the growing domestic market while aspiring for global competitiveness.

The banking sector in India has the advantage of access to one of the largest and most stable global financial networks. It has been strengthened by a series of financial and regulatory reforms implemented recently. The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the country’s GDP. A well-developed and evolved insurance sector is a boon for economic development as it provides long- term funds for infrastructure development at the same time strengthening the risk-taking ability of the country.

These two sectors are much looked upon by young aspirants, trying to find their footing in terms of career. Various competitive exams are held throughout the year to recruit banking and insurance personnel. Lakhs of candidates appear every year to try their luck with these exams to secure a lucrative career in the Banking and Insurance sector.

Each year many people aspire to join the lucrative Banking and Insurance sector of India which provides ample opportunities for growth and learning. There are various agencies that conduct examinations in these two sectors. This article aims at educating you about the various agencies that conduct the examinations and the different examinations conducted.

Institute of Banking personnel or IBPS

Amongst the various banking examinations, the examinations conducted by the IBPS, i.e., the Institute of Banking Personnel are regarded as the most prestigious. The IBPS is a premier institute in banking which assists various public sector banks with the recruitment of banking personnel at various levels. The Examinations conducted by the IBPS are:

IBPS PO

This examination is conducted for the recruitment of Probationary officers/Management Trainees in various banks.

IBPS SO

This examination is conducted for the recruitment of candidates to carry out specialized tasks in a bank.

IBPS Clerk

The Clerical Examination is conducted for the post of Clerk or a similar post in that cadre, in the participating banks.

IBPS RRB Office Assistant

This examination is conducted for the induction of Office Assistants (equivalent to the post of Clerk in a National Bank) in the participating Regional Rural Banks.

IBPS RRB Officer Scale I, II and III

The IBPS RRB Examination for Officer Scale I, II and III is conducted for the posts of Officer Scale I (equivalent to PO post in a National Bank), Officer Scale II (equivalent to Specialist Officers in a National Bank) and Officer Scale III (equivalent to the post of Senior Manager in a National Bank).

State Bank of India or SBI

It is India’s largest commercial bank with its inception dating back to the pre-independence era. It is headquartered in Mumbai and offers various banking services. The SBI conducts examinations for recruitment of candidates for different posts and at different levels. The three major examinations conducted by the SBI are:

SBI PO

This exam is conducted for the recruitment of Probationary Officers, who are responsible for various Administrative and Managerial tasks at the branch that they are posted. This examination is conducted annually.

SBI Clerk

SBI conducts this exam for recruiting candidates for the post of Clerks. The selected candidates are responsible for all clerical tasks and act as the first point of contact for the customer. This examination happens annually.

SBI SO

Specialist Officers or Officers required to fulfil specific tasks at the bank are recruited by SBI via the SBI SO Examination. The Specialist Officers are experts in their selected fields like Information Technology, Law, etc. and are required to exercise their expertise as and when required. This examination is conducted once every year.

 

Reserve Bank of India or RBI

The Reserve Bank is also known as the Banker to the Bank is the most prestigious institution of banking in the country. Getting into the RBI is the dream of many. RBI offers a number of opportunities for candidates to apply and be a part of the RBI family. There are mainly two examinations conducted by the RBI for recruitment at various levels:

RBI Assistant

This examination is conducted for the recruitment of candidates at the post of Assistant, who are required to do clerical work. The main responsibilities of the Assistant include file management, data entry, responding to mails and work related to currency.

RBI Grade B

This exam is conducted by the RBI for the recruitment of candidates at the managerial level. The candidates can be placed in any department and are expected to manage all government accounts. The candidates are also expected to maintain financial stability and ensure liquidity in the economic system.

 

National Bank For Agriculture & Rural Development or NABARD

Formed by the RBI at the insistence of the Government of India, NABARD came into existence on 12th July 1982, with the transferring of agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation (ARDC). After the revision of the share capital between the Government of India and the RBI, NABARD is now fully owned by the Government of India.

NABARD conducts two main examinations for the recruitment of candidates at the Clerical and Managerial posts:

NABARD DA (Development Assistant)

The major job of the Development Assistant or the DA is management of donors. The candidates are expected to maintain relationships with existing donors and increase the bank funds by bringing in prospective donors.

NABARD  Grade A & B

The post of Grade A officer is equivalent to that of an Assistant Manager, whereas a Grade B officer is equivalent to a Manager.

I. Candidates recruited at the Grade A level should be good at multitasking as they juggle between administrative and clerical tasks.

II. Candidates recruited at Grade B level are expected to be good at maintaining customer relationships. They are expected to monitor accounting and loan procedures.

 

Life Insurance Corporation (LIC) of India

The LIC of India came into existence on 01st September 1956, after the Parliament of India passed the Life Insurance Corporation Act on the 19th of June, 1956. It is one of the major players in the Insurance sector of India and has a wide-spread base. To maintain its day-to-day dealings the LIC requires people and conducts the various examination for the recruitment of the same. The various exams conducted by the LIC are:

LIC Assistant

This exam is conducted to recruit people at the clerical level, who is responsible for the day-to-day public dealing, like premium collection, data entry, etc.

LIC Apprentice Development Officers or LIC ADO

The candidates who apply for this post are expected to expand the business by recruiting more agents, training them and making sure they get more life insurances done; post which the candidate is expected to provide after-sale services.

LIC Assistant Administrative Officer or LIC AAO

Candidates recruited for this post majorly have administrative responsibilities. They are required to interact with clients, communicate between various departments and help in claim verification and processing.

 

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