Manipal Global Education Services (MaGE) and Federal Bank on Monday announced the launch of Federal Manipal School of Banking at the Manipal University Bangalore Campus, in Bangalore.
The Federal Manipal School of Banking is a fully residential campus offering a one-year (nine months of intensive campus training and a three-month internship at a branch of Federal Bank) full-time programme in various areas of banking and management disciplines, coupled with intensive grooming and soft skills training. On successful completion, students will be awarded a Post Graduate Diploma in Banking & Finance by Manipal University and will be absorbed as Probationary Officers by the bank. This is an industry-academia partnership to mould officers of calibre in the banking field with First Day First Hour productivity.
This is an “earn while you learn” programme where students earn a monthly stipend of Rs 2,500 per month for the first 9 months and Rs 10, 000 per month during their three-month internship with the bank. Federal Bank will support full fee financing through education loans and loyalty bonuses.
Abraham Chacko, executive director, Federal Bank, said, the programme is aimed at providing the officers with that extra mile of knowledge and skills, which will in turn aid to their excellence in banking & services.
V Sivaramakrishnan, executive president – Education Services, MaGE said that Manipal Global offers the scale and expertise to set up full-fledged collaborative campuses to train entry-level talent, thus building a captive talent pool for participating banks. The innovative Train-Hire-Deploy model employed ensures that banks get first-day-first-hour productive talent, thus eliminating expensive hiring from B-schools and salary outlays for a new recruit, he added.
The Indian banking sector has seen an exponential growth since 1991, primarily due to liberalisation, granting licence to small private banks, the new generation tech-savvy banks. The banking sector is growing at a fast pace, outperforming the Indian economy with a CAGR of 7 per cent from 2000 to a projected CAGR of 11-15 per cent in 2010-2011, according to IIBF and Investment Commission of India).
As a result, demand for trained manpower in banks is steadily increasing. A problem that has intensified due to retiring bankers, attrition and prohibitive training costs, creating a critical challenge to banks in the face of rapid expansion needs and global competition. A recent IBA-BCG survey of Indian banks reveals a 71 per cent of Indian PSU banks who consider 'Talent attraction and retention" as one of their biggest challenges.
Federal Bank is a leading private sector bank with a network of 1,028 branches and 1,145 ATMs spread across the country. The bank’s total business stood at Rs 91,101.34 crore and networth at Rs. 6,323 crore as on Dec 31, 2012.
