The economic reforms undertaken in the last 15 years have brought about a considerable improvement in the health of banks

and financial institutions in India. The banking sector is a very important sector of the Indian economy. The sector has made a marked improvement in the liberalization period. There has been extraordinary progress in the financial health of the commercial banks with respect to capital adequacy, profitability, asset quality and risk management. Deregulation has opened new doors for banks to increase revenues by entering into investment banking, insurance, credit cards, depository services, mortgage, securitization, etc. The limit for foreign direct investment in private banks has been increased from 49% to 74%. In addition, the limit for foreign institutional investment in private banks is 49%. Liberalization and globalization have created a more challenging environment in the banking sector as well as in the other segments of the financial sector such as mutual funds, Non Banking Finance Companies, post offices, capital markets, venture capitalists, etc. Now the challenges faced by the sector would be gaining profitability, reinforcing technology, maintaining global standards, corporate governance, sharpening skills, risk management and, the most important of all, to establish 'Customer Intimacy'. The insurance business is one of the most rapidly growing areas in the financial sector. As an economy grows over the years, insurance sector intensifies and broadens its reach. Every practical and futuristic individual would want himself, his family and his assets to be insured. Insurance deals mainly with life and general insurance. India has a large insurance market commensurate with its population. The IRDA Act 1999 (Insurance Regulatory and Development Authority of India Act) has given new opportunities to private players to enter into the market on the fulfillment of certain prerequisites. The IRDA is the licensing authority in the sector; the current FDI cap/Equity in the sector stands at 26 percent. There is no doubt the challenges ahead will become tougher with more companies competing both in general and life Insurance. Also mortgage insurance will soon be coming into the industry. New players have contributed to the launch of innovative products, services and value-added benefits. Major foreign players have entered the country and announced joint ventures in both life and non-life areas. These include New York Life, Aviva, Tokio Marine, Allianz, Standard Life, Lombard General, AIG, AMP and Sun Life among others. Commercial banks are coming up with more and more vacancies, and the banking sector now has more new jobs than any other sector. Right from the branch level to the highest level, there is tremendous range of opportunities available in the sector. Jobs in this sector can be both rewarding and enjoyable, as you get opportunities to learn about business, interact with people and build up clientele. The same is the case with insurance, as it is the fastest growing industry under the financial sector. Both government and private players are currently offering a plenty of jobs in this sector. So, this is great news for you if you are thinking to go into the banking & insurance streams.

Career Opportunities in Finance Industry

Finance has immense opportunities to offer to potential candidates. Being a huge and diverse sector with opportunities in banking, insurance, capital market, venture capital, mutual funds, bonds, commodities markets, etc. To meet global standards and remain competitive recruitments in this sector are gaining pace in various fields such as Treasury Management, Credit, Risk Management, HRM and IT related services. Commercial banks are catering to all the sections of the society, including small as well as large businesses. There are far more jobs in this sector than any other sector. There is tremendous range of opportunities here with a wide variety of profiles and packages offered by this industry. Jobs in the financial services can be very interesting, giving opportunities to learn and interact with people from diverse cultures and backgrounds and build up a clientele. The ever-expanding sector gives challenging and remunerative jobs, with incentives and benefits, according to the capabilities of the person concerned. If you are well prepared and passionate about it, then the sector can be highly rewarding for you in terms of a lucrative job. Promotion and growth depend on individual achievements and efforts. There is a huge demand for insurance professionals in the industry as the population grows older. Jobs in this sector would be rewarding and would help people manage risk and protect themselves against catastrophic losses. Professionals have to persuade customers to take insurance as not only a tax savings tool but also as a safeguard for the future. Shady and fast talking salesmen are a thing of the past; highly reliable professionals are now preferred in the sector. There are various profiles offered by the insurance sector as underwriter, sales representative, actuary, asset manager, etc. Capital Markets of any economy show the financial health of the country. In India capital markets are growing faster than ever before. Hence a lot of people with knowledge and professional acumen are required in the sector. Some of the regular vacancies are of stock analysts, investment analysts and equity analysts. An analyst has to study the companies' financial reports, assess statistical information, estimate demand and supply factors and profitability projections, compare financial results, meet the management of the organizations, make surveys and, finally, reach a conclusion. Economic growth has paved the way for the participation of various organizations like mutual funds, investment consultancy, broker firms, insurance companies, merchant banks, pension funds and other financial institutions.