The BFSI sector of India has been lately receiving a substantial amount of constructive attention from the government and several other influencing elements. The reason is the growth rate that the sector has registered in the past few years. According to the central banking institution, the Reserve Bank of India (RBI), India’s banking sector is satisfactorily capitalized and well-regulated in the present times, but it is noteworthy how it is going to undergo massive progression in the near future. The growth of the financial sector in India at present is happening at approximately 8.5% per year and a significant rise in the growth rate is expected in the times to come.
There are multiple aspects that have been contributing to the expansion of the banking sector, which include government initiatives, collaborations with international financial bodies, and the emergence of high-end finance technologies that have been acting as a strong backing for the banking and finance sector of the country. Experts predict that the future of the banking sector of India looks much more different and far better than that of the present structure. It is not only going to grow in terms of GDP but will also give rise to new trends, better career opportunities, and diverse job roles and responsibilities for the next-generation finance professionals.
Government Initiatives towards Strengthening the Banking System of India
The Government of India is consistently collaborating with international banking bodies, exchanging know-how, and taking up strategic measures to not only improve the financial condition of the nation but also bring new patterns and paradigms in the entire banking structure of India. One of the foremost initiatives taken by the Government of India is the recently announced capitalization plan wherein the government will be injecting INR 42,000 crore (US$ 5.99 billion) in the public sector banks by March 2019 and shall infuse the next part of the recapitalization by mid-December.
India to Transform into the Third-Largest National Banking Sector by 2050
One of the strongest competitors of India when it comes to the advancement of the financial sector is China. However, with the current rate of growth that India’s BFSI sector has been registering, it is being expected that India finance industry will soon take over that of China’s. It is also being predicted that China and India could actually have a mutual share of approximately 35% of global banking assets by the year 2050.
All the efforts that are currently being put towards the growth and advancement of the banking sector of the country are basically focused on preparing the banking firms of India to support and keep up with the future progress of the Indian economy and incorporate solutions and learnings encountered from the past global economic crisis. The aim is to specifically identify the current issues and challenges that the financial sector is experiencing and resolve them with a highly futuristic approach within an estimated period of time. Incorporating flexibility and dynamism to the banking structure and retaining financial stability at the same time is what the finance industry is looking forward to accomplish. Blending domestic and international banking process trends, inviting branches of foreign banks in India, establishing mid-sized banking institutions including niche banks with economy-wide presence are some of the critical changes that are about to emerge in the upcoming years.
The Future has Better Career Opportunities in Store
Looking at the current growth and advancement of the banking sector, it is evident that the BFSI sector would be requiring a huge influx of skilled professionals and finance experts to take up the responsibility and partake with sheer constancy to keep up with the efficient services. Some of the job profiles that are expected to emerge in the banking sector in the coming times are Algorithm Mechanic, Conversational Interface Designer, Universal Service Advisor, Investment Analyst, Security & Fraud Specialist, and more alike. New channels and pathways are going to open up for young minds to enable them to showcase their flairs and aptitudes in the area of finance and banking.
On the whole, the nation will witness a significant increase in the job opportunities in the banking and financial sector, and aspirants holding relevant knowledge, practical know-how, and industry insights will surely have the upper hand. This is where, we, at TimesPro, receive the highest preference from the banking and finance aspirants from all across the nation for pursuing industry-centric professional education in Banking and Finance Management. At, TimesPro, with our Post Graduate Diploma in Banking and Financial Services Management Program (PGDBM XL), we provide the opportunity to learn, explore, and attain an in-depth understanding about the current as well as the future scenario of the banking sector.
We believe that in order to pace along with the dramatically evolving landscape of the banking and finance sector, it is imperative that aspirants remain well-versed and up-to-date about the ins and outs of the future job market. The PGDBM XL Program at TimesPro, which is considered to be one among the best banking courses after graduation, serves gold in preparing candidates in terms of personal and professional effectiveness, aptitude enhancement, soft skill development, practical knowledge augmentation, and much more. The program focuses on areas of learning beyond the core banking procedures and upskill the students to be spontaneous and confident in their ventures. Designed by industry experts, the PGDBM XL
Program at TimesPro stands as the most robust banking program till date that is highly trusted by aspirants for instilling in them the knowledge and wisdom to help them stand apart from the crowd and make a successful career in the burgeoning BFSI sector.