FEBRUARY 20209The country is witnessing stability from a mix of public, private and foreign banks which is helping this sector's growth ecosystem and the growth of Non-Banking Financial companiessurge in entry level hiring which is expected to sustain the sector's growth, accounting for almost 73 per cent hiring. Also over the years the country is witnessing stability from a mix of public, private and foreign banks which is helping this sector's growth ecosystem and the growth of Non-Banking Financial companies (NBFCs) has further contributed to this segment in a big way. The sector has also witnessed increased use of alternative chan-nels such as use of ATM's, mobile and internet banking which has added to the human resource re-quirement in this sector. The bank-ing sector has recorded double digit growth due to high disposable in-come and accounted for 15 per cent excess in the last couple of years. Also as and when there are indus-try developments or new technol-ogy to use or otherwise they need to provide additional training to their employees as per the chang-ing trends. It has been observed through various reports that cor-porate banking, treasury, finance, technology, human resources, re-tail banking require staff that has a particular kind of an aptitude and specialists which increasingly match the evolving business con-text. The different organisations organize different and specialized trainings for their employees from time to time to upgrade their skills and knowledge in the field and help them performance which will even-tually benefit the organisation in achieving its long term goals. Increasing the reach of Banks and financial institutions to rural and semi-rural areas has brought about 74 per cent penetration lev-el in making them accessible and ensuring organized system in the country and encouraging micro finance as the major thrust area. Mergers and acquisitions have helped banking system to carve out its strong niche in the country. Also the growth of exports and im-ports in the country also primarily depend on it. The ability to adopt to technology has been the greatest boon of this sector which has made life easier for both its employees and customers and also keeping abreast with the latest technology in the field making the entire sys-tem more or less automated and error free which requires skilled workforce to accomplish this task. The new trend of outsourcing banking activities like telecalling for loans and others has also shown a large number of job opportunities in the field which again requires qualified and efficient profession-als who know their subject well.In India there are selected few and certified institutes that pro-vide this kind of specialized and analytical training which direct-ly help the young graduates learn enhanced skills for a particular job and the challenges that come with it. The country needs to give more impetus to development of such skill imparting institutes which will eventually help in the growth of the sector and also create an efficient and skilled workforce which the country currently needs. The financial services sector contributes to 11.5 per centof In-dia's GDP and employs a significant number of people. It has a well- es-tablished industrial relations setup. The growth in the number of jobs is sure set to improve in the com-ing year's inspite of the temporary slump the economy must be facing currently but this will gradually pave way for more skilled workforce in the sector. This sector has prov-en that it is so far one of the more versatile segment as it has been able to tap into new markets. With-out a doubt in recent times skill de-velopment and its importance has become important not only for var-ious industry segments but also for the country as it requires that kind of workforce to be globally compe-tent and improve business.
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