- Banking & Financial system of India plays a substantial role in promoting the long term growth of the economy.
- The major segments of the Industry are Banking, Insurance and Mutual Funds.
- Banking & Insurance sector contributed 6% of GDP during the year ended 2008.
- Sector’s contribution to GDP during the period 2001 to 2008 has grown at a CAGR of 11.5% in real terms.
Projected Human Resource Requirement (in ‘000s)
|Banking||1100 – 1200||1400 – 1500||350|
|Insurance||2200 – 300||350 – 400||150|
|NBFC||25 – 30||40 – 45||10|
|Mutual Funds||15 – 20||20 – 25||15|
|Financial Intermediaries||2500 – 3000||6000 – 7000||3700|
|Total||4000 – 4500||8000 – 9000||4225|
Source: IMaCS analysis
The majority of the incremental requirement is in the financial intermediary segment which is primarily driven by the planned development of cities and towns where the financial services penetration is low.
BFSI Sector Skill Council
The BFSI Sector Skill Council of India is set up to bring leading organizations of the BFSI industry together to create strategies and operational plans that will create standardized skill requirements for the various job roles in the industry. The objectives of the council are listed below:
- To Create a Labor Market Information System
- Clearly define roles for each segment of the sector
- Identify competencies required for each job role
- Map learning objectives to the competencies and define learning modules
- Train the trainers, provide certification and accreditation for training service providers