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In the last six years, the Indian banking sector has witnessed a substantial progress as a result of which people are becoming more financially literate. In order to become a Banker, candidates must complete their Undergraduation in relevant subjects followed by clearing the various banking entrance exams such as IBPS, SBI SO, SBI PO etc.
The major jobs of a Banker key include sanctioning loans, inducing customer to open savings and deposit accounts, managing taxes etc. Other than these some of the other crucial duties of a Banker include, authorising overdrafts and loans post evaluation, handling transactions such as writing cashier checks or money orders when necessary. Bankers are also responsible for recommending and explaining clients' banking services and products as per their needs. Also Check: Salary of a Banker
Candidates aspiring to study further can also choose to pursue MBA in relevant streams such as MBA Banking or MBA Finance or MBA Marketing for building a career as a Banker. Other than this there are several Undergraduate and Postgraduate Banking Courses that can be pursued in order to become a banker.In order to make a Career as a Banker in India, one needs years of education, dedication, financial knowledge, hard work, and drive. Check: BBA Banking
Table of Content
Who is a Banker
A banker is a person who performs banking tasks such as accepting deposits, lending money, withdrawing funds, and exchanging money.
- In other words, a Banker is someone who works directly in the banking industry. A banker is in charge of all of the bank's operations.
- A banker is someone who is in charge of running a bank or who is in charge of the banking industry.
- A banker is a person who engages in direct banking activity.
- A banker is a responsible for taking care of various baking duties such as clearing cheque, giving loans, educating customers about investments etc.
- On behalf of the bank, the banker engages in activities with the consumer.
Check: Diploma in Banking and Finance
What Does a Banker do
Some of the crucial duties that are performed by a banker are listed below for your reference,
- Personal bankers operate in retail banking locations and help customers with a wide range of banking and financial issues.
- Opening checking and savings accounts, acquiring home and vehicle loans, and investing in banking products such as CDs, money markets, and other commercial banking products are examples of such requirements.
- They might also be able to assist the customer with retirement or college planning.
- Personal bankers work mostly with common people, and Investment Bankers work primarily with institutional investors.
Roles and Responsibilities of a Banker
A banker has several broad obligations in addition to their day-to-day activities. Assessing a client's financial situation, offering bank programs, and monitoring the client's finances to assist in the efficient operation of the financial institution are just a few of the obligations that a banker must handle. Some of these are mentioned below.
Client Assistance
- A banker's primary responsibility is to serve consumers who require financial services.
- Bankers keep visiting the consumer to establish what kind of help he requires. Assisting the customer might entail getting a student loan for him, for example.
- Bankers are responsible for determining their clients bank's ability to meet the customer's financial needs, you must review his financial history.
Check: MBA Banking and Finance
Records Maintenance
- A Banker keeps precise and full records of your institution's financial transactions.
- It requires recording all account payments and reconciling bank records at the end of the day.
- Bank statements and loan applications, for example, require correct filing and updating.
- Keeping records in the appropriate order allows you to readily recover them when you need them in the future.
Check: Diploma in Accounting Management
Account Management
- As a banker, you'll be responsible for aiding clients in managing their accounts.
- Furthermore, account management comprises assisting a consumer in opening or closing his account if he so desires.
- Another vital job in supporting clients with account management is reviewing their financial histories and advising them of any account packages.
- You do not divulge a client's financial situation to anyone without his permission, as required by your bank's contract.
- One exception is if you are required to testify in court if your client is charged with treason or in the event of a national emergency.
Check: How to Become an Accounts Manager
Product Services
- As a banker, you'll be responsible for implementing new services, processes, and products by senior management's instructions.
- Clients want you to notify them of new items or services as soon as they become available.
- Your bank, on the other hand, wants you to sell these goods to your customers.
- You'll also be selling these items to new clients.
- Knowing the aspects of your bank's products or services will help you sell more effectively.
Skills Required to Become a Banker
Personal banker, investment banker, corporate banker, and banking analyst are all possibilities. These are some important skills that every banker, regardless of concentration, should have.
| Attention to Detail | Problem Solving |
| Personable Attitude | Good Communication |
| Discipline | Technological Skills |
Check: List of Top Banking Colleges In India
Top Banker Recruiters
Below we have provided a tabulation of the top recruiting firms that hire bankers:
| Standard Chartered | HDFC Asset Management Company |
| DSP Merrill Lynch | SBI Capital |
| GE Caps | Reserve Bank of India |
| IDBI Capital Markets | Royal Bank of Scotland |
| Deutsche Bank | American Express |
| Citi Bank | IFCI Financial Services |
Check: BCom in Banking and Finance Course
Salary of a Banker in India
- A banker's remuneration in India is determined by their performance and rapport with their clients.
- Bankers who work for the RBI not only get a nice income, but they also get a lot of other benefits.
- At the outset of their career, a banker's typical compensation in India ranges from INR 4,00,000 to INR 6,00,000.
- However, with sufficient experience and professional advancement, a banker's pay can exceed INR 10,000,000.
The average starting salary of bankers as a freshers are as tabulated below:
| Sources | Average Monthly Salary |
|---|---|
| Indeed | INR 19,520 |
| Glassdoor | INR 26,036 |
| Pay Scale | INR 27,560 |
What Does a Banker do: FAQs
Ques. Is it true that bankers make a lot of money?
Ans. Investment bankers are not nearly as well compensated per hour. Because most analysts and associates work more than 100 hours a week, their hourly wages might range from INR 1,939 to INR 2,714. That's not awful, but it's not as wonderful as INR 77.58 LPA.
Ques. Is a banker a good job?
Ans. Anyone interested in personal finance, business, or arithmetic would be well-suited for a career in banking. Banks often offer excellent perks, growth chances, and a pleasant working atmosphere. There is also a range of occupations available, including customer-facing tasks as well as analytical responsibilities.
Ques. Why are bankers so rich?
Ans. Investment bankers make a lot of money by selling firms for a lot of money and earning a lot of money in the process while investing very little.
Ques. How can I be good at banking?
Ans. Be authentic in your curiosity so that your customers know you genuinely want to learn about them. Determine what your customer's financial goals are. Inquire about existing bank products and services, both at your bank and at competitors.
Ques. What should I study to work in a bank?
Ans. Although most banks provide on-the-job training for bank tellers, it is also beneficial to enroll in a university or college course in banking, commerce, business, accounting, or management.
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