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.

Whew!

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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  1. I guess BFSI requires some new blood even at the expense of customers and employees getting benefit. Offlate, existing private banks once known for great service are also behaving like govt banks.

    I am sure new banks has to snatch the other bank’s customers and existing players should do something to retain their customer base. I believe it would benefit the customers in the long run. These days banks are loading too many charges on customers. You need to follow their statements month on month to see what new rules are introduced and applicable. Every bank customer in the country must have paid some additional charges at one point of time just because he/she missed to read the fine print of bank’s communication.

    I have accounts with 3 banks and the amount of correspondence fighting poor service, unwanted charges and follow up on service requests that I generate is enormous leaving little time for anything else.

  2. i read somewhere that only 5-6 out of all applicants fulfill the norms set for issue the new licenses for new banks.

  3. there is tremendous pressure on the RBI to give the licenses…so i guess 10 licenses will be issued…which means about 30,000 jobs to start with. …lets pray…….

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