Education in India, Career in India: Apex Financial Institutions
Looking for a Career Option in the Apex Financial Institutions ? This section features Apex Financial Institutions as a career option, elaborated with reference to the job profile, personality traits required, the courses and training involved, premier institutions and future prospects.
The government of India has since independence been setting up specialised institutions in order to develop the financial structure of the country on sound lines consistent with the national socio-economic objectives and policies. Foremost among the apex financial institutions, the Reserve Bank of India (RBI) was established on 1 April 1935 and nationalised on 1 January 1949. Within a short span RBI emerged as a strong innovator. Instead of merely remaining a bystander and controller of money, RBI has deliberately influenced the country's economic system, social fabric, financial structure and political thinking.
The most valuable contribution of RBI has been in the sphere of financial infrastructure. Some of the major financial institutions today are the offshoots of the RBI. Examples are the IDBI (Industrial Development Bank Of India), which is the principal financial institution for the credit and other facilities for development of industry; UTI (Unit Trust Of India) mobilises the savings of the community; NHB (National Housing Bank) is actively involved in the development of Housing Bank) is actively involved in the development of housing finance in the country. NABARD (National Bank for Agriculture and Rural Development) has been established with a view to promoting integrated rural development and securing prosperity for rural development and securing prosperity for rural areas. Other apex financial institutions in the country include SEBI (Securities Exchange Board of India), Exim Bank (Export-Import Bank of India).
The apex financial institutions offer bright career prospects to people from different disciplines in their general and specialised departments.
Personnel for the management cadre of the apex financial institutions should have above average academic ability, self-discipline, diplomacy, a clear, logical mind, sense of responsibility, self-assurance, ability to interpret and apply economic and financial regulations, and the desire to update awareness of current trends in economic events with meticulous application to detail.
|Entry Into Management Cadre|
The apex financial institutions have a more or less uniform pattern of selection to their management cadre. They induct officers in the general cadre from among graduates and postgraduates in any discipline or personnel with work specialised cadre they take in MBSs, CAs, CFAs, and postgraduates in Economics/Statistics/Computer Science & Engineering/allied. Selection to the general as well as specialised cadres is through all-India competitive written examinations. The written examinations are followed by interviews of successful candidates by the respective services boards. The recruitment advertisements appear in prominent national dailies as also in Employment News/Rozgar Samachar.
After selection, candidates are required to undergo in-house specialised training in the staff colleges of the respective institutions. The training period ranges from 1 month to 3 months followed by 7 or 8 months of on-the-job departmental training. Once a person is posted to a specific department these institutions provide specialised (focused) training from time to time in India and abroad. Officers, thus, have tremendous scope for upgrading their professional skills and knowledge.
Officers in the apex financial institutions may be posted anywhere in India. High remunerations with generous perquisites and residential accomodation in prize localities are among the many facilities provided by these organisations.
Prospects of promotion are bright and after five to seven years of experience these officers are much sought after by foreign banks and various financial companies.