Banking, one of the oldest professions in the world… but now not as secure as before. Banking, one of the oldest professions in the world, but now not as secure as before

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  • Banking, One Of The Oldest Professions In The World, But Now Not As Secure As Before

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If you invest your wealth where interest is earned, it will return doubled.

– Ancient Egyptian Gnostic

Welcome to Career Funda!

Humane Society and Interest

It has been a custom in human society for at least 5 thousand years to ‘give things on interest’. When ‘fiat money’ ie government printed currency or royal currency was not even invented, since then the practice of interest had come in many civilizations in history.

The earliest known records of interest-bearing loans are from ancient Mesopotamia and Egypt, where interest was charged on loans for grain and other things. The ancient Greeks and Romans also charged interest on loans, and this practice has continued in various forms throughout history. Interest originated to cover lenders’ risk for the time and risk associated with lending money.

Inscriptions of the Mesopotamian civilization Hammurabi's law code, among other things, also records the details of interest on loans.

Inscriptions of the Mesopotamian civilization Hammurabi’s law code, among other things, also records the details of interest on loans.

birth of banking

The origins of banking can be traced back to ancient civilizations such as Mesopotamia and Egypt, where people deposited their wealth in temples and palaces for safekeeping. These institutions also provided loans and issued receipts that could be used as money.

In ancient Greece and Rome, moneylenders and merchants began to perform similar functions, and the concept of banking began to take shape. In the Middle Ages, merchants in the city-states of Italy developed banking practices such as accepting deposits and granting loans, and using bills of exchange for international trade.

The first true banks were established in the Renaissance, such as the Bank of San Giorgio in Genoa (1407) and the Bank of Saint George in Venice (1402). These banks performed many of the same functions as modern banks, including accepting deposits, lending, and issuing banknotes.

The building of Genoa's Bank of San Giorgio still exists in its original form and is a tourist attraction.

The building of Genoa’s Bank of San Giorgio still exists in its original form and is a tourist attraction.

The origins of modern banking can be traced to the rise of central banks in Europe in the late 17th and early 18th centuries, such as the Bank of Sweden (1668) and the Bank of England (1694). These institutions were created to help stabilize national currencies and provide a source of funding for governments.

Why was the banking system created?

Overall, banking originated out of the need to keep money safe and have a reliable system for exchanging goods and services. Now this is a big system of the world, without which the modern world economy cannot be imagined.

Modern India and Banking

Banking in India also has a long history, but the turning point in modern independent India came in 1969.

In 1969, the then Prime Minister Mrs. Indira Gandhi nationalized 14 banks.

Nationalization of banks is considered a major step in the history of Indian banking.

Nationalization of banks is considered a major step in the history of Indian banking.

A career in banking has been a passport to a good lifestyle in India since the 1970s. And then before the advent of the open economy in 1991, India’s youth had very limited opportunities to get employment in the organized sector, one of which was a career in a bank. Today public sector banks provide employment to more than 7 lakh people.

In 1978, the ‘Banking Services Recruitment Board (BSRB)’ was established for recruitment in public sector banks. From then till the year 2002 when it was superseded BSRB was the body responsible for state wise banking recruitment.

Lakhs of youths dream of a bright life either by giving bank clerical exams of various BSRBs like BSRB-Bhopal, BSRB-Ahmedabad, BSRB-Patna after 12th or preparing for bank PO exams after graduation.

4 ways to make a good career in banking

There are 4 ways for today’s youth to make a career in banking.

First, Through ‘Institute of Banking Personnel Selection Board (IBPS)’; Second, ‘State Bank of India’; third, career in private banks the fourth By joining organizations like Reserve Bank of India (RBI), NABARD, National Housing Bank etc.

1) Institute of Banking Personnel Selection Board (IBPS)

ibps 1674562059

The purpose of scrapping BSRB in 2002 was to make the management of individual banks effective for recruitment in the bank. But the need for a central organization was again felt for the recruitment of various levels of employees in banks, for which the ‘Institute of Banking Personnel Selection Board (IBPS)’ was established in 2012 under the Ministry of Finance.

Today IBPS processes the recruitment of 4 posts Probationary Officer/ Management Trainee for 12 Nationalized Banks of India, Scale I, II, III Officers for Regional Rural Banks and Office Assistant, Specialist Officer and Clerk.

2) State Bank of India

sbi 1674562069

State Bank of India releases vacancies from time to time for its Clerk, Probationary Officer and Specialist Officer posts separately as per the requirement.

3) Private Banks

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Thirdly, the path is to a career in private banks for which direct recruitment is done mostly from various management colleges in India. So for that first you have to get a degree or diploma in management by preparing for management entrance tests.

4) Organizations like RBI, NABARD, National Housing Bank etc.

rbi 1674562093

Either these organizations take out vacancies for various posts from time to time or else IBPS recruits for these organizations.

Eligibility and Selection Process

Qualification

The minimum age to apply is 20 years. Candidate must be graduate from a recognized university. Some banks only take graduates with first division of 60% marks.

selection process

Anyone aspiring to make a career in the bank through IBPS or SBI has to appear for written examinations which have two stages – preliminary and mains. Various subjects such as Quantitative Aptitude, Reasoning, English Language General Awareness, Current Affairs and Computer Knowledge are tested in these exams. For the last about 8 or 10 years, the tests for these exams are conducted on computers.

Interviews are not conducted for the posts of Clerk and Office Assistant, whereas for the posts of Officers, interview is also to be given. The process of selection for SBI PO posts consists of group discussion and interview called psychometric test in combined form. A test of any one chosen local language is also required for recruitment to SBI Clerk posts.

Salary and Retirement Age

The salary of clerk posts in the bank starts from twenty-two thousand rupees per month and goes up to 45 thousand per month, while the salary of officer posts starts from about Rs 65,000 per month. The retirement age varies from 58 to 65 years depending on the post.

problems of modern age

Earlier there used to be lifetime job security guarantee, now it is not like that. Like in other private sector, the pressure of work and the fear of being fired remains, especially in private banks.

I hope the information given by me will be useful for you.

Today’s career fund is that banking is an evergreen career in which you can make your career in many ways and earn good income.

Will do and show!

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