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Manipal Education and Bank of Baroda have launched the Baroda Manipal School of Banking (BMSB) at an investment of over Rs 30 crore to train prospective employees of the bank before they are absorbed as probationary officers.
“The students will have a job guaranteed by the bank and the diploma programme will impart training in banking law and practices, and management before they join,” Mr Anand Sudarshan, CEO and Managing Director, Manipal Education, said at a press briefing.
Bank of Baroda today recruits about 2,000 officers and 2,000 clerks a year and this is another channel for recruitment, Mr N.S. Srinath, Executive Director, Bank of Baroda, said.
As part of the admission process, students at the school of banking will have to take the bank probationary officer recruitment exams after which they will have to go through another entrance exam and an interview conducted by Bank of Baroda.
Students will have a nine-month campus training followed by a three-month internship at any of the bank's branches, at the end of which they will be awarded a postgraduate diploma in banking and finance by Manipal University. The diploma, however, will not enable an employee to bypass other bank examinations while looking for employment at other banks.
Manipal Education is in talks with other public sector banks and will announce a similar venture with at least one bank before December 2011, Mr Sudarshan told Business Line .
He also said that Manipal Education was in talks with companies from other sectors for such tie-ups for pre-employment training.
The fully-residential course at BMSB costs roughly Rs 3 lakh and students can avail education loans at the bank at concessional rates, Mr Srinath said. The students' fees will be refunded after five years of service at the bank, and will also be offered Rs 1 lakh as bonus if they continue working at the bank after that, he added.
The school of banking will have a new batch (180 students per batch) every three months, with classes for the first batch commencing today.
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