Indian Banking Industry originated in the first decade of 18th century as The General Bank of India came into existence in the year 1786. And then later Bank of Hindustan was started. The India’s oldest bank which is in existence is the State Bank of India being established as “The Bank of Bengal" in Calcutta in June in the year 1806. A couple of decades later in the year 1850 the foreign banks like Credit Lyonnais started their operations in Calcutta. Calcutta was the most active trading port at that time which was during the British Empire, due to these reasons the banking activity took roots there and prospered. In the year 1865, the first fully Indian owned bank was established in Allahabad.
Banking Industry in India is one of the most sought after career choice among the students. It is a career which is well paid, secure and has good status. Though it might appear that these jobs are meant for the student of commerce/economics but the fact is that majority of bank officers are from different streams of education. Further it also a fact that top positions in Foreign/Multinational Banks are held by MBA’s from Premier Management Institutes. Today Public sector Banks are now appointing management graduates, CAs and CFAs but bright graduates from any subject can get entry in the Public sector Banks through an All India Examination conducted by them. Openings in Banks are available at various levels, from Clerical to Probationary Officers (PO). The opportunities have great job security and along with good salary, besides the perquisites of loans for employees. It is a lucrative career where careers exist not only in nationalized banks, but even with liberalization, a host of private banks have been set up for the opportunities.