Indian Banking Sector
In India Banking is still in the developing stage. A big part of it is under the control of the states. India’s largest bank, The State Bank of India, is very small compared to the globally large Citibank. According to The Banker magazine, SBI is only one tenth of Citibank, which is a sister concern of Citigroup in the USA. The next biggest bank in India is ICICI, which is only half the size of that.
Like the other sectors in India, developments in banking sector are also showing promises. With the IT boom, banks too have taken giant leaps. They have started to show more hospitality; have become more customer-friendly and are easily accessible. Banks have become indispensable to people with the facilities like ATM, Net Transaction, and Mobile Accessibility etc.
In India, banks are classified into 3; the Public Sector Banks, the Private Sector Banks and the Foreign Banks. Of course, the Public Sector Banks, with government stakes in it, are the best option for job seekers because of the job security. But if you are after monitory benefits and high profile work environment, seek out Foreign Banks. Though they are guided by the RBI rules and regulations, government has no stake in the Private Sector Banks. The payment, job security, work environment all will be accordingly. In short, the key word is finding a bank that grows and adapts, a bank that will give you good experience and chance to diversify.
Business Today and Financial Express clearly states that Corporation Banks is the most sought after national banks. Multinationals like Bank of America, HSBC, ABN-AMRO and Citibank are also good choices. In the Private Sector too there are some that has good reputation in terms of customer satisfaction and business volume. If you are service minded and don’t care for job security and monitory gains one of them will be ideal. HDFC Bank, ICICI Bank and Federal Banks are some of the reputed private sector banks.