Indian Banks Need Reskilling

How can skills development help in reviving economy?

 The Indian banking sector has undergone a great change in the last 20 years. Since the changes are great so will be the demand for skills in sectors like Banking and Finance. Currently, due to digital transformation, the banking industry needs the latest technological skills. As of now, the banking industry employs some of the best and well-trained talents in the country. 

However, a point to be noted is that there is a dearth highly educated and trained financial experts and this has led to a big skills gap. Another notable point here is that in the past few years there is a striking new trend of outsourcing the recruitment and training requirements of the banking sector two different skill development companies. the role of outsourcing has grown from being a Mayor small agency format to the creation of employment opportunities for many graduates that wish to join the banking sector but could not do so as they lack the proper opportunities for doing so. Private banking coaching and courses especially the MBA is pretty expensive for a common person who has a desire to join Bank. 

The investment part in these courses has also laid many banking aspirants shun their banking career dreams. To top it all there has been a misconception in the Indian market that to make it big in the banking sector you need a university-level degree or even an MBA. Not this misconception has actually hampered the growth of many training institutes that could provide apprenticeship based training for the banking sector. 

Specialized Recruitment and training companies are now offering graduates 3 to 6-month courses in banking and then the later helped them get placed in the banks at the entry-level. There is a very strong focus in tier 3 2 tier 6 cities for such kind of training thus enabling greater financial inclusivity.

Such trends relating to reskilling initiatives were not heard of some years back, but now the employers are trying to strengthen the skills and capabilities of their employees so that they can meet the changing business and organizational demands. We will see a lot of organizations pick up these initiatives to meet their talent demands.

How the NEEM Scheme Can Help?


The BFSI sector in India has huge employment and growth potential. It can greatly cut its hiring and operational sustenance cost if they start training their own workforce. This can only be achieved if they choose the apprenticeship model of skills development. Going for NEEM Scheme is one such option that can provide them with great value.

Benefits of NEEM Scheme For Companies 

  • The contract is only between the Facilitator and the Trainee
  • Absenteeism will be controlled by the NEEM Agent, such trainees are under the control of the Facilitator
  • Any pieces of training, awareness programs, safety & security measures are taken care of by the Facilitator
  • Being a learner, Trainees shall focus on getting oriented on the job and contribute to the industry
  • Productivity and Quality will set to increase with trained resources in the industry
  • Engagement of NEEM trainee does not guarantee employment contract with the Company / Industry where NEEM trainee is placed for training.
  • Either party viz., NEEM Trainee or NEEM facilitator can terminate the contract by giving notice of 30 days in advance
  • The contract of trainee would auto-expire on the expiry of the period of training as mentioned in the contract. 


There are many other great features of this scheme. If you want to know more about it, then feel free to get in touch with us.



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