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RBI policy paves way for skilling in banking sector

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Andreas Karaiskos Global CEO, Fitch Learning

The complexity of the banking business has grown exponentially. Federation of Indian Chambers of Commerce and Industry (FICCI) and National Association of Software and Services Companies (NASSCOM) jointly commissioned a report that states that 9 per cent of the workforce in India will be deployed in new jobs that are non-existent today.

Moreover, Banking, financial services and insurance (BFSI) sector in India will need an additional 1.6 million skilled workforce by 2022, the National Skill Development Corporation has estimated. With the growing automation and retrenchment in this sector, it becomes all the more important for professionals to specialise in niche segments and continuously up-skill and strengthen their presence in the industry.

In the wake of the above requirements in capacity building and Reserve Bank of India’s policy requirement of skilling financial professionals, Fitch Learning, the preeminent training and professional development firm owned by Fitch Group, is pleased to announce it is expanding its footprint in India to provide leading globally-recognised financial education programmes to professionals in the Indian financial services sector.

Under the new RBI policy of higher standards and capacity building for financial professionals, the Indian Bank’s Association (IBA) has selected Fitch Learning to provide training programmes and enhance the skill level across the financial services sector. As part of this, Fitch Learning has developed its first module as a training initiative that is aimed only at specific banking institutes and will comply with the specifications for certification mandates laid down by the RBI.

The second mode of delivery of Fitch Learning’s product offering is the open course where banks can register their staff to participate as individuals. The aim of this programme is to develop training and certification programmes across Credit Risk Management, Accounting, Treasury, and Foreign Exchange Operations. The course will make its debut in the financial hub of India, Mumbai in November 2017 starting with Financial and Credit Risk programmes including ‘Warning Signals and Lessons Learned in Corporate Credit’.

The BFSI sector is currently in a state of flux because of the changes in products and services, delivery mechanisms, coupled with a deficiency of skill at an operational level. Senior professionals are superannuated while young professionals are left to deal with volatility, uncertainty, complexity and ambiguity.

Fitch Learning has delivered over 300 professional public courses in 21 countries worldwide and last year provided training to over 1,300 clients. With their offering of digital learning solutions and industry leading qualifications, India’s largest finance sector can be made fully equipped to deal with the complexities of this sector.

Author’ profile:

Andreas Karaiskos is the CEO of Fitch Learning, a global provider of learning and development solutions for the financial services industry. Andreas previously served as Head of Asia-Pacific, Middle East and Africa, overseeing all training and development, and driving expansion in the regions.

 

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