Yes you read it right. This is a great time to be in the BFSI space – Banking & Financial Services Industry.
Yes I know you are going through a tough time. Clients are not buying ULIPs , not even mutual funds, most people above the poverty line have 5 credit cards…..
Why am I saying that it is a good time to be in the BFSI space?
Simply because the RBI is under pressure to issue banking licenses. Say Rbi gives away 15 licenses, and each bank recruits about 4000 employees, we are talking about 60,000 jobs at the least. Assuming that one in 3 get selected, at least 200,000 people will go for interviews. Obviously about 300,000 people will be called.
So employment agencies, trainers, unemployed bankers (up to the age of 65 I guess), life insurance employees, mutual fund employees….will all get calls. Many IFAs will get jobs, zonal heads will become regional heads and regional heads will become national heads. The other big beneficiary of this whole exercise will of course be airlines, hotels, real estate agents, taxi hire, …etc.
Media will see an explosion of advertising – and you will have new banks offering the same products at same prices but packaged differently. The customer will not benefit by all this hulla ballo that gets created. Sad, but true historically.
These banks will be under tremendous pressure to fill up the vacancies and will not be too quality conscious. This means almost every body in sales, many people in operations, technology….etc. are surely going to be called. If you are in a life insurance company, it is nice to have ‘banca’ on your CV. If you do not have do some jugaad to get it on your CV.
So here…best of luck …work hard, get your CV ready and hope that there is tremendous pressure on the RBI to issue new licenses….
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