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Government Jobs for Bankers: In India, Top Recruiters, For Freshers, Average Salary, Vacancy

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Ahana Bhaduri

Content Writer | Updated 3+ months ago

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Bankers provide financial services to customers and help them in managing their accounts. They act as architects of economic progress, wielding their expertise to facilitate transactions, foster investments and fuel growth. Working as the backbone of the financial system, their acumen contributes to the stability and prosperity of the nation’s economy. 

The growth of the banker profession has been marked by significant transformations, adapting to the changing economic landscape and technical advancements. The banking sector has evolved to technology-driven platforms resulting in lucrative opportunities for bankers. A PO in SBI earns a basic pay of INR 27,620 along with other benefits and compensations. 

Government banking opportunities offer an intriguing avenue for professionals seeking stability, growth and meaningful impact. There are a total of 12 public sector banks in India offering opportunities for bankers to join in various roles. The government sector has paved the way for a unique spectrum of career opportunities for bankers. The sections below discuss the various government opportunities for bankers along with their average salaries.

Who are Bankers

Bankers are professionals who work in the financial industry, primarily in banks and other financial institutions. They provide a range of financial services to individuals, businesses and organisations. Customer service, financial transactions, account management, lending and loan processing are some of the major duties of a banker.

Government banking jobs are highly sought after, often found in organisations like RBI, SBI and various public sector banks. There are different types of bankers based on their specialisation. A retail banker handles everyday banking tasks, a commercial banker serves businesses and corporate clients in financial matters, a private banker provides personalised financial services to high-net-worth individuals and many more based on their roles and expertise. 

Jobs for Bankers

A banker's job involves managing transactions and providing a range of financial services to individuals, businesses and organisations. They play a crucial role in assessing creditworthiness, evaluating risks and helping make informed financial decisions. They also handle customer enquiries, promote banking products and contribute to the overall stability and growth of the financial institution. 

Tabulated below is the job description of bankers across government banks along with their average salaries for each specialisation. 

Teacher Profile Job description Average Salary (INR)
Retail Banker Work with individual customers and handle everyday banking tasks. 3.4 L
Commercial Banker Serve businesses and corporate clients and provide financial and treasury services. 2.4 L
Investment Banker Help companies raise capital by issuing stocks and provide strategic financial advice. 4.5 L
Private Banker Provide personalised financial services to high-net-worth individuals. 7.4 L
Corporate Banker Handles financial services for corporations and large businesses. 14.5 L
Loan Officer Evaluates loan applications and recommend or approve loan based on established criteria. 2.3 L
Bank Manager Oversee daily operations of a bank branch, manage staff and ensure efficient customer service. 7 L
Credit Analyst Assess the financial history and risk of individuals and businesses applying for loans. 5.2 L

Government Jobs for Bankers

Government jobs in India offer a lucrative career choice in the public sector. These roles typically include roles like PO, Clerks, Managers and more. These positions provide job security, attractive salary packages, regular promotions and a range of other benefits. 

Some of the top government jobs for bankers across various parameters along with their average salaries are discussed below. 

Experience Wise

Experience is an important factor in deciding the salary of a banker in government banks. Tabulated below is the experience-wise salary of bankers employed across various government banks.

Experience Years Average Annual Salary (INR)
0 - 5 years 3.4 L
6 - 10 years 6 L
11 - 15 years 10 L
16 - 20 years 16 L
20 years & above 21 L

Qualification Wise

There are many courses at different levels that candidates can pursue to become a banker. The qualification-wise salaries are mentioned in the table below. 

Qualification Average Annual Salary (INR)
Diploma in Banking 2 L - 4 L
BBA Banking and Insurance 2 L - 6 L
BCom Banking and Finance 3.40 L
BCom Banking and Insurance 2 L - 20 L
MBA Finance Management 3 L - 9 L
MBA Banking and Finance 3 L - 7 L
MBA Banking and Insurance 3 L - 20 L
MCom Banking and Finance 4 L

City Wise

The salary of bankers can vary based on their location. The banker salaries across different Indian cities are mentioned in the table below. 

City Average Annual Salary (INR)
Chennai 5.2 L
New Delhi 4.6 L
Bangalore 4.4 L
Pune 4.1 L
Mumbai 4.1 L
Hyderabad 3.7 L
Kolkata 3 L

Sector Wise

There are many opportunities for bankers in both sectors, public and private with different pay levels. The sector-wise salaries for bankers are mentioned in the table below. 

Sector Average Annual Salary (INR)
Government Sector 5 L
Private Sector 3.1 L

Govt Banker Jobs

The minimum qualification required to become a banker is a bachelor’s degree in banking, after which candidates can start looking for jobs. Some of the top government jobs for bankers along with their average salaries are tabulated below.

Job Offering Institute Average Salary (INR)
Senior Division Clerk SCDCC Bank 24,910 - 55,655
Assistant Manager HPSCB Bank 10,300 - 34,800
Senior Vice President (Investor Relations) State Bank of India Upto 85 L
Probationary Officer IBPS PO MT 2023 27,620
Probationary Officer Karnataka Bank 84,000
Chief Risk Officer Punjab National Bank -
Junior Associate (Clerk) SBI Junior Associate 2023 19,900

Top Recruiters

Bankers are hired by a number of government banks for a variety of roles. Some of the top government recruiters of bankers are listed in the table below. 

Name of the Organizations Location
RBI Mumbai
SBI Mumbai
Punjab National Bank Across the country
Bank of Baroda Across the country
Union Bank of India Across the country
Central Bank of India Across the country
Indian Overseas Bank Across the country

Govt Jobs for Bankers: FAQs

Ques. How can I join a government bank?

Ans. Candidates have to apply for relevant bank positions through entrance exams like IBPS PO, IBPS Clerk, SBI Clerk and SBI PO and follow their recruitment procedures.

Ques. Which bank is best for government jobs?

Ans. Banks that come under the bank exams IBPS PO, IBPS Clerk, SBI Clerk, SBI PO, RBI Assistant and more are best for government jobs. 

Ques. Is it important to have a graduate degree to become a Banker?

Ans. Students can complete diploma or certificate courses to get entry-level positions in banks. It is advised to have a graduate or even postgraduate degree for better career growth and payment opportunities. 

Ques. Which government bank job has the highest salary?

Ans. The general manager position in a bank generally has the highest salary.

Ques. Which bank job is better - government or private?

Ans. The choice depends on the individual preferences and priorities. 

Ques. Which cities have the most demand for Bankers in India?

Ans. Chennai, Bangalore, New Delhi, Pune and Mumbai have the most demand for Bakers in India with the best salaries.

Ques. What is the future of banking jobs in India?

Ans. The future is expected to be influenced by technological advancements, with a shift towards digital banking and automation. 

Ques. What are the major jobs of a banker?

Ans. Customer service, financial transactions, account management, lending and loan processing are some of the major duties of a banker.

Ques. What are the top colleges for banking courses in India?

Ans. Delhi University, Jamia Millia Islamia, NMIMS, Christ University AND Mumbai University are some of the top colleges for banking in India.

Ques. Name some top government banks that hire bankers.

Ans. RBI, SBI, Central Bank of India and Punjab National Bank are some of the top government banks hiring bankers in India. 

Master of Business Administration [MBA] (Banking and Finance) : 17 answered questions

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Ques. What is the difference between PGDM BFSI and PGDM Finance at IMT Ghaziabad ?

● Top Answer By Sreetoma Gupta on 04 Jun 23

Ans. The emphasis of the curriculum distinguishes the IMT Ghaziabad PGDM Finance programme from the full-time PGDM program. A general management education, including instruction in marketing, finance, operations, and strategy, is provided via the full-time PGDM programme. The program's participants will enroll in a range of business-related courses. On the other side, the PGDM Finance programme specialises in finance and related fields. With the option to specialise in fields including corporate finance, investment banking, and financial analysis, students in this programme will take courses that are highly focused on accounting and finance.Read more
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Ques. What should be preference order of IMT Ghaziabad courses- PGDM, PGDM marketing, PGDM finance, PGDM DCP, PGDM banking, insurance and financial services?

● Top Answer By Dhruv Chatterjee on 25 Jan 23

Ans. IMT Ghaziabad offers a variety of courses that cater to various specializations. These courses have been listed and explained in their order of preference PGDM Marketing/PGDM Full Time (Marketing): This is the most coveted program among IMT students mainly because today its alumni have acquired top positions in big firms. Other major reasons include top-notch faculty, great internship and placement opportunities in terms of role and CTC, IMT’s eligibility, and excellent performances in recognized marketing and strategy B Schools competitions. PGDM Finance/PGDM Full Time (Finance): This one is most suitable for aspirants who are interested in Finance. However, this program offers lesser opportunities than the Marketing program in terms of role and CTC.  PGDM Full Time (Operations): This program offers opportunities similar to that of Finance. But the batch size of PGDM Operations is smaller than PGDM Finance, so it may be easier to secure an internship/final placement, but the opportunities come less compared to Finance. PGDM DCP: DCP or the Dual Country Program is for those who are keen to get international exposure. Compared to an MBA from a foreign university, this program is cheaper and yet offers an opportunity to explore a different culture and learn to make decisions in an international context. This is best suitable for those who are in the Marketing domain. PGDM Banking and Financial Services (PGDM-BFS): This program was launched in 2019 and is relatively newer. It targets the core Banking and Finance sector. While the MBA program aims to provide a holistic view of management, this program solely focuses on Banking and Finance. PGDM Full Time (HR): This is the least taken course and offers very less in terms of opportunities. The courses have been arranged preference-wise so will make it easy for you to choose one.Read more
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Ques. Which course in TAPMI is better, the core PGDM, the HRM, or BKFS?

● Top Answer By Divya Kaur on 02 May 23

Ans. What's most important is that you enjoy it. The BKFS program is highly specialized and designed to equip students with the tools necessary to succeed in any financial-related field. The PGDM's first year emphasizes variety over specialization. Two years into the program, you'll have the option to focus on either Marketing, Operations, or Finance. It's up to you to determine the kind of career you want to have. Everything in the new system will be up to the individual, replacing both the major and minor systems. Although the HR course is brand new, it will be just as rigorous and cover the same ground as other courses.Read more
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Ques. What's the difference between TAPMI core pgdm and bkfs?

● Top Answer By Vihan Manjunath on 28 Aug 20

Ans. The difference between PGDM and PGDM-BKFS is that PGDM is the general MBA program and the course curriculum comprises all fundamental and cross-sectional areas of management while the course curriculum of PGDM-BKFS is tailor-made for Finance. In the first year for PGDM students are required to study various management-related subjects like Marketing, Finance, HR, and Operation. However, the BKFS course only includes Finance related topics. TAPMI offers good infrastructure for BKFS. The institute has the largest state-of-arts finance lab in the country with 16 Bloomberg terminals. TAPMI also offers a unique Student Managed Investment Course (SMIC) for the finance stream in which BKFS students work in teams and each team has a mentor from industry currently working in the BFSI Sector. Also, unlike the traditional internship that PGDM students go through the BFS cohort had a two-month study tour in Bombay Stock Exchange where the students had their live projects. Given below is a comparison between the two courses. Categories PGDM PGDM-BKFS Course Name Post Graduate Diploma in Management Post Graduate Diploma in Management - Banking and Financial Services Intake 360 60 Course Fee 14.3 lakh (2 years) 14 Lakh (2 years) >Highest Salary Package 25 LPA 25 LPA Average Salary Package 11.50 LPA 12.75 LPA Recruiting Companies Alien Technology, Arcesium, Wipro, Capgemini, ITC, HCL, etc. Axis Bank, Yes Bank, HSBC, etc.Read more
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Ques. Which school is better, MDI Gurgaon or IIM K, if I want to be an equity research analyst?

● Top Answer By Yash Gupta on 22 Feb 23

Ans. If you go to the official website and compare the placement reports, MDI Gurgaon fares better than IIM Kozhikode. Let’s have a look at the placement statistics of the 2 B Schools.   Particulars  MDI IIM Kozhikode  Number of Recruiters  87 116 Highest CTC INR 1.14 CPA INR 61.5 LPA Average CTC INR 26.65 LPA INR 29.5 LPA Top Recruiters  Microsoft, Google, HCL, Adobe Accenture, Amazon, Microsoft The best finance companies that offer roles like Equity Research Analyst roles, and Securities analysis visit both the B Schools. But the higher number of companies visiting MDI Gurgaon gives it a slight advantage over IIM Kozhikode. Yet I think both MDI Gurgaon and IIM-K are almost equal in terms of giving you the opportunity of getting an Equity Research Analyst role. If I was in your place I would have chosen MDI Gurgaon because of the following factors Location Infrastructure  The industry-academia relationship Live Projects Guest Lectures Corporate Talks Peer learningRead more
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Ques. Which is better, a PGDM in banking and financial services at IMI, Delhi or a PGDM general in LBSIM, Delhi?

● Top Answer By Rajan Patel on 03 Mar 23

Ans. I can speak with certainty that PGDM at LBSIM is a far better option than PGDM in Financial services at IMI Delhi. My brother is a recent pass out from LBSIM and the following highlight of the institute are based on his personal experiences  The IIRF ranks LBSIM 25th among private colleges It has a spectacular ROI in terms of placements and fees LBSIM is famous for its student culture You can get an insight into various angles of the industry you will be dealing with in the future  You can avail an abundance of opportunities through live projects and get to have a detailed experience in your specialization. The institute prioritizes a practical approach over theoretical knowledge through academic activities outside the classroom Various academic and non-academic clubs make the environment a friendly one  The institute boasts of a 100% placement record It has an elaborate alumni network that is spread across top companies like Big Four’s, Arcesium, Marsh & Mclennan, Asian Paints, Crisil LBSIM collaborates with various international universities for its student exchange program. Some of them include Nanyang Technological University, Singapore, Northern Illinois University, USA, European Higher School of Economics and Management, Bulgaria etc. A unique feature of the B School is its Bloomberg Terminal which is restricted to the top B Schools like IIM B, IIM C, and FMS only. All these points clearly state that LBSIM is a very good choice for a PGDM program.Read more
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Ques. Which is better LBSIM, Delhi PGDM (general) or IMI, Delhi PGDM (B&FS)?

● Top Answer By Amay Singh on 03 Mar 23

Ans. PGDM BFS is a viable option if you are keen about numbers and finance in general. PGDM core and PGDM BFS rarely has a major difference in curriculum except that marketing subjects of BFS would be less intriguing and the major pedagogy is directed towards marketing of finance products and services only. A PGDM core student is open to a plethora of opportunities during placements as he is eligible to appear for companies offering marketing and sales profiles. On the contrary, a PGDM BFS student has been exposed to a customized curriculum that focuses mainly on Finance and lacks a wide range of opportunities. However, he has a more definite chance of securing placement at a company offering Finance roles like Banks and other financial institutions. This advantage seems very minimal right now but with the increase in the relevance of the curriculum and demand of the course, it will soon be coveted among Finance aspirants. The BFS faculties are considered to be among the best given the excellent performance of BFS students in the recent years and the increasing popularity of the course. The companies visiting the campus for BFS are not only banks but include AMCs, NBFCs, FinTechs and other Fin Services firms. The course targets the entire Banking and Finance sector.  At the end of the day, what remains of your college life is not the specific course you chose but the college you chose to pursue it. Be it PGDM Core or PGDM BFS, IMI Delhi is the perfect college to experience a great college life.Read more
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Ques. What should be the preference order of IMI Delhi courses - PGDM, PGDM-HRM, and PGDM-BFS?

● Top Answer By Churni Sengupta on 31 Oct 20

Ans. IMI Delhi is among the top B schools of Delhi NCR. It holds a distinct reputation for the establishment of centers of excellence in different streams of management. The faculty is experienced and well qualified. Pre-placement offers are also a dominant feature of the institute. Apart from placements it has attractive internship statistics also relating to better career growth. It offers streams in three major areas which are General, Human resources, and Banking & Financial Services. All these streams are linked to a single program which is PGDM but the decision underlining preference depends on factors like fees and placements, etc which are discussed below. Academics: The eligibility stays the same for all streams which are graduation with CAT/GMAT Score. Fees also stand common for all streams at INR 17.5 Lakhs. Placements: PGDM holds a batch strength of 224 students and generally ends up providing the highest package of INR 22 LPA. The average package is also quite decent with a range of INR 13.07 LPA PGDM HR has 45 students and managed to provide a salary range of INR 12 – 14.5 LPA. PGDM had 48 students with a 100% placement criterion and the highest package of INR 20.75 LPA and an average of INR 12.88 LPA. Sector-wise Placements: The recruitment details can clearly specify the sector & domain which turns out to be favorable with respect to the investment made. The details are as follows. PGDM Banking is a preferable sector as it attracts 29% of the placements. HR is looked upon for the IT/ITES / Media / TELECOM sector. The top recruiters for the BFSI sector are American Express, ICICI Bank, HDFC Bank, Tata Capital, and SBI Capital The top recruiters for the HR sector are Accenture, Infosys, Genpact, Capgemini. Going for PGDM General can give an opportunity to focus on manufacturing / real estate and the FMCG sector. The general preference of courses looked upon by potential students and alumni are PGDM Marketing then Banking and at last Human Resources.Read more
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Ques. How good in PGDM (B&FS) at IMI Delhi in terms of quality and placements?

● Top Answer By Kritika Jha on 26 Oct 20

Ans. International Management Institute has been ranked 9th and 28th for private MBA by Outlook and NIRF respectively. The college offers Post Graduate Diploma in Management in Banking & Financial Services as a two-year course. The fees for the course is 17.68 lakhs for the full period. Infrastructure & Facilities The college is built over a 3-acre campus and is home to a well-equipped library which includes journals, study material, magazines, and various e-learning facilities.  It has separate boys and girls hostels. The college has sporting facilities and sporting grounds available.  Other facilities such as an auditorium, gym, cafeterias, air-conditioned classes, and Wi-Fi are also available to the students. Placements The course has a perfect placement rate of 100%.  Top recruiters include Reliance, Genpact, Accenture, HDFC, and Deloitte.  The average offer received by students of PGDM (BFS) is 12 LPA. The highest package goes up to a whopping 20 LPA. IMI Delhi has been ranked highly among the top private universities in the country. The college has a very active placement cell which aims at providing a perfect placement rate consistently. The return on investment for the course is also extremely good, which makes it a recommendable institute. The curriculum is industry-based providing students with better knowledge for the corporate world.Read more
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Ques. Which college is better for Finance among IMT Ghaziabad (PGDM) & TAPMI BKFS?

● Top Answer By Manmeet Singh on 27 Jan 23

Ans. IMT is a well-established college and comparing it to a mediocre college like TAPMI is not justifiable. Of the two, IMT Ghaziabad is clearly a better choice. To explain further I have compared both these institutes on the basis of some parameters like Establishment: Both these institutes were established in 1980 so they carry an equal legacy. Alumni: Despite a similar legacy, IMT Ghaziabad alumni are placed in higher positions and top firms today. The extensive alumni network has opened gates for corporate and industry exposure. IMT Ghaziabad’s alumni comprise more than 300 CXOs. Location: IMT Ghaziabad enjoys a better location advantage over TAPMI Pedagogy: Both the Institutes are AACSB accredited and follow similar curriculums yet there is a stark difference in the quality of education. This is because of the better pedagogy at IMT Ghaziabad than at TAPMI. Faculty: IMT Ghaziabad's teaching methodology is way ahead of that of TAPMI and the credit goes to its excellent faculty with amazing profiles. They have great industry exposure and help the students grasp the concepts practically. Placements: IMT Ghaziabad has an upper hand in this aspect also. This can be explained further through the table below Particulars  IMT Ghaziabad  TAPMI Number of recruiters 130+ 21 Highest CTC INR 62 LPA INR 22.3 LPA Average CTC INR 15.28 LPA INR 15.7 LPA Top Recruiters  Morgan Stanley, BCG, Accenture Consulting, Goldman Sachs, Google, Infosys Consulting, Emami International, TATA Consumer Product  EY, HDFC Bank, HSBC Bank, Tata Capital From the table you can easily infer that the placement scenario is far better at IMT Ghaziabad than TAPMI. In fact in almost all aspects IMT Ghaziabad is way ahead so it’s definitely a better choice than TAPMI.Read more
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