India’s financial and economic conditions are unrivalled globally, with an increase in the working population and increasing disposable income. According to credit, market, and liquidity risk analyses, banks in India are mainly resilient and have fared well during the global slump. Over the recent few years, the rollout of innovative banking models, including payments, internet or mobile banking, ATM services, IMPS, and small finance banks, has contributed significantly to the growth of the Indian banking and insurance sectors.
As banking and insurance sectors are booming in India, opting for a b com banking and insurance course can boost your career and help you land well-paying jobs. The B com banking and insurance is a four-year integrated programme, providing students with an in-depth understanding of the economic, financial, and banking affairs. The course equips students with financial risk management acumen and general management skills like strategy, accounting, marketing, and organisational studies.
Now, let us delve into the reasons that make a B com banking and insurance degree a better return on investment.
Compensation and benefits
How much does a bank employee in India make? Statistically speaking, banking and insurance jobs are enticing, promising, and financially rewarding. According to Glassdoor, the salary of an Assistant Manager in a private Indian bank is INR 12,65,052 per year. However, the salary of bank employees varies dramatically based on their experiences, positions, grades, and the type of bank they are working with.
Besides smart remuneration, Indian banks offer excellent benefits to their employees in the form of medical insurance, disability insurance, paid leave, sick leave, vacation and paid time off, free lunch, and retirement options. Also, banks are well-known for providing added edges to their staff, such as minimum Rate of Interest on loans, healthcare insurance, and professional support.
That’s not all. Banks and insurance firms are highly regulated and supervised financial operations, making them ideal workplaces for anyone seeking a safe, enjoyable, and lucrative career. Thus, a banking or insurance job is considered a safe bet for all students in the cut-throat competitive era.
Indian banking sector outlook 2022
The India Brand Equity Foundation (IBEF) report suggests that the banking system in India includes 12 public sector banks, 22 private sector banks, 46 foreign banks, and 56 regional rural banks. Apart from this, the Indian banking system has 1,485 urban co-operative banks and 96,000 rural co-operative banks.
Furthermore, the fintech market in India is projected to reach INR 6.2 trillion by 2025, the IBEF report shows. The robust demand, innovative banking services, business fundamentals, and policy support are the leading factors behind driving the growth of the banking sector in India.
The recruitment process of public sector banks includes a competitive exam followed by a personal interview. Pursuing a B com in banking and insurance course will prepare you for career opportunities in the banking and insurance sectors by honing your skills. To stand out from the crowd, apply for the B com banking and insurance course in the top-ranked universities in Dehradun. Hurry up!