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How to prepare for a career in NRI Banking

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We got a taste of what to expect as an NRI Banker from our own alumni Deeksha Nagarkoti, who visited us and addressed a session as a guest speaker and a career women at the TKWsIBF on 25th March. Deeksha has taken up banking as a career having acquired a Post Graduate Diploma in Banking and Finance and has been the NRI Banking Officer with YES Bank for the last 18 months. Many students were in awe of her as they could see their dreams come true. Deeksha motivated the students while giving frank answers to specific questions that were posed to her. The students on their part provided a flurry of questions; after all they could see themselves in Deeksha’s shoes very soon.

As we proceed, let’s accustom ourselves to what NRI Banking is. NRI meaning Non-Resident Indian is the acronym used for those Indian citizens who are primarily live outside the borders of India but hold an Indian passport.

NRI Banking refers to bank accounts that an NRI can operate in India. These accounts can only be opened and operated with institutions which have authorization from RBI to provide such services.

Any student who has acquired the required banking knowledge can pursue NRI Banking after clearing the required examinations.

Excerpts from the question and answer session and learning from the interaction with Deeksha:

How does a student need to prepare to get into this role?
Listed here are the steps that a student needs to follow:
1. High school certificate with an emphasis in Math and Business.
2. Bachelor’s Degree in the field of Finance, Business Administration, Accounting and/or Economics.
3. Banking Internship: While not required, an internship in the field of Banking will help the student to familiarise themselves with the Banking policies and the atmosphere. An internship will also allow the student to focus on the NRI Banking vertical.
4. Ideally a Post Graduate Diploma in Banking and Finance from a reputed institute is the next best step to start a career in international banking.

What was one of the things you remember about your alma mater?
Apart from the great friends that were made the PG Diploma course in Banking and Finance provided good insight into Banking and I did not feel what I learnt was all theory and that I need to relearn the practical aspects of banking.

What do you like about your job?
On the job, your responsibilities are well defined. Further, you may have the option of being a relationship manager within NRI Banking and this allows the young banker to get out into the field to acquire clients as well as to visit existing clients to extend the services of the bank. In this field, as a banker you will get to meet and interact with people who are visiting India and reside overseas. This interaction is the greatest part of the job as you get different views about everyday life from people who are living a different lifestyle and are travelling the world.

What about promotions?
As you will be working with a bank, promotions are frequent but you will need to be quick and accurate at your job. Keeping your clients happy and ensuring positive feedback from them also goes a long way in getting noticed by the boss. Every promotion also gets you an increment and an increase in perks.

What is the toughest part of the job?
Many a times you will encounter customers who are angry or unhappy. As a bank officer you will need to dig deep and summon all the patience to deal with these erratic customers and to find the answers they are looking for along with being the calming influence.

It is important to note that being an NRI Banker is a performance driven job and that you need to be sure that is what you want to do. The job is demanding and the workload can be heavy and time sensitive. Ensure you have good interpersonal skills, a flair for numbers and patience as you sign up!

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