Is Banking service sector really glamorous?

The banking service sector is perceived as an attractive and glamorous sector amongst Nepali service sectors. It is believed that banks have been paying higher remunerations to its employees. The banking sector has been dominant in every economic sector and holds the highest proportion of stock transactions in Nepali stock market. It is the only sector, which is making profits despite the economic crisis. So, it is no wonder that banks pay higher remunerations to employees than other organisations do.
Since the restoration of multiparty democracy in the country, several private and joint venture banks have come up in Nepal. This has brought more opportunities for the Nepalis. Presently, around three thousand people are working in various commercial banks, excluding Nepal Bank Limited and Rastriya Banijya Bank. Besides, there are other development and investment banks, which are also rendering employment opportunities.
Employment in the banking sector has certainly created the opportunity for higher life standards than average people have. For instance, let us forget remuneration of managers and officers and ponder over remuneration of messengers. They get more than Rs five thousand per month plus allowance, whereas messengers from other sectors do not get more than Rs three thousand per month. Messengers working in the government service also get Rs three thousand. In addition, bank employees get other various facilities and benefits from their employer. Besides money and facilities, the employees of banks get higher social status. They can live an esteemed life.
The banking sector has also benefited the employees in their career path. Some Nepali professionals have joined world class banks after gaining experience with local banks, which has proved to the world that Nepalis can also be good executives, not only soldiers, as they are famous for decades, and lower level workers or peasants.
Generally, people think the banking service as a glamorous sector. Whenever there is a “vacancy announcement” of a bank, hundreds of applications pile up in the post office. An outsider, whenever one meets a banker, always comments that it is advantageous for one to work in a bank as one gets higher salary and facilities.
They think that working in bank is just easy – go to the office, sit down on a revolving chair and run your fingertips over the keyboard or count stacks of cash and finally get the salary paid at the end of the month.
But this is a wrong perception. The employee of a bank also has to face challenges like others in course of duty. A teller always runs the risk of overpaying cheques. A credit manager always runs the risk of making wrong decision on sanctioning loans. A treasury manager always runs the risk of wrongly investing the funds raised by the bank in various domestic and international banks. So, it is not unjustifiable to pay bank employees higher remunerations. They are paid for taking risks.
A person, who wants to join the banking service has to be ready to take all these risks and challenges. Everyone, who completes higher education, thinks that they are qualified for joining a bank. But it is not true. It is not easy to be a banker. One, who wants to be a banker, should have the ability to make correct decisions. Confidence, knowledge and eagerness to take challenge are essential.
it is said that education contributes only 15 per cent on an average for the success of a person, the remaining 85 per cent is being contributed by personal attitudes.
So, the banking sector can be reckoned to be a challenging sector rather than a glamorous one. This sector, of course, has brought opportunities for the Nepalis, especially for those who are ready to take challenges and risks.

(Published in “The Himalayan Times” daily on 5th Jan 2003)