E-Paper
Financial Services
financial services
In India considerable growth has taken place in the non-banking financial companies (NBFC) sector in last two decades. Over a period of time they have been successfully rendering a wide range of services. Initially intended to cater to the needs of savers and investors, NBFCs later on developed into institutions that can provide services similar to banks. In fact, most of the banks today are diversifying into non-fund based services. One could describe the shift as outsourcing within the banking sector.
NBFCs consists mainly of finance companies which carry on functions like hire-purchase finance, housing finance, investment, loan, equipment leasing or mutual benefit financial operations, but do not include insurance companies or stock exchange or stock brokering companies.
A BRIEF DESCRIPTION
Jobs in the banking and non-banking sector would be mushrooming in the services sector. With the entry of private banks and the opening up of the economy has meant so. Most jobs will be in the Direct Marketing/Sales Agent (DMA/DSA) model, i.e. people who will go and sell the services to the potential customer.
EXPECTED REMUNERATION
Rs 5,000-7,000 (incentives on commission basis)
SOCIAL STANDING
Financial services have always enjoyed a certain degree of respectability. So even if the DMA/DSA model means a considerable amount non-intellectual work. Stress would be on soft skills such as communications and ability to convince.
YEARS OF TRAINING REQUIRED
Most of the training is in-house and it is for a short duration. Therefore, in totality what is taken as training is the years in college. People from Commerce, Economics and Engineering background are preferred. The number of years could be 3-4 years.
PLACES TO TRAIN
College and University educational institutions.
PLACEMENT
All the top banks, private and public such as ICICI Bank, HDFC Bank, Canara Bank, ABM Ambro Bank to name a few.
CHANCES OF GOING ABROAD
Very few.
WORK HOURS
Flexible timings
PERKS/OTHER BENEFITS
Incentives for target achievement, increments, promotions and services such as office transport.
The facts and figures quoted here are indicative, not exhaustive. These are broad industry estimates and do not pertain to any particular company.
For getting an overall picture of the Financial services sector HindustanTimes.com spoke to Rajni Sood, Deputy General Manager, Small Industries Development Bank of India (SIDBI) in New Delhi.
