Bank of Baroda has recently said that they would scale up the recruitment through campus from Baroda Manipal School of Banking mainly for human resources and general operations candidates. What exactly is the Baroda Manipal School of Banking ?
INTRODUCTION : Bank of Baroda and the Manipal Group have joined hands to set up the Baroda Manipal School of Banking (BMSB) for providing training to make young, bright graduates for a career in Banking in Bank of Baroda.
On successful completion of the programme, the programme participants would be awarded a Postgraduate Diploma in Banking & Finance (PGDBF) by Manipal University and would be absorbed as Probationary Officers of Bank of Baroda.
Candidates shall be selected by BOB through a selection process consisting of an open exam followed by Group Discussion / Interview.
Course Duration : This would be one year curriculum.The selected students will go through a nine month Campus programme, to be followed by a three months internship at the Bank branch.
All students after successful completion of the course will be awarded the “POST-GRADUATE DIPLOMA IN BANKING AND FINANCE” from Manipal University at a convocation ceremony where they shall also be handed over the final appointment letters from the Bank. Accordingly, they will be finally absorbed in the Bank as Probationary officers in JMG/S-I and can be posted anywhere in India as per Bank’s discretion.
SALARY PACKAGE :
After successful completion of the Post Graduate Diploma in Banking and Finance in the Baroda Manipal School of Banking and subsequent placement in Bank of Baroda, candidates will draw a salary as applicable to Junior Management Grade/ Scale I which is presently in the scale of Rs. 14500-600×7/18700-700×2/20100-800×7/25700. They will also be eligible for DA, HRA & CCA, as per rules in force from time to time.
At present, the initial yearly emoluments (salary component only) of Junior Management Grade/ Scale I Officer, including DA, HRA, CCA are approximately Rs. 3/- lakhs in a Metropolitan Centre. Apart from the salary component, officers will also be eligible for all other perquisites, facilities, rent reimbursements, other reimbursements, etc. as applicable to a JMG/S-I officer.
Fee Structure :
The fees for this Course will be Rs. 3.15/- lakhs (all inclusive of boarding, Lodging and course fees, other fees, etc.) plus service taxes, as applicable to be paid by the student. However, students can finance the course fees by availing an Education Loan which will be granted by Bank of Baroda at a concessional rate of interest of 8% interest. Students can therefore obtain a high quality specialized course in Banking and finance without any monetary burden on them and fully financed by the Bank.
The educational loan facilities are being made available to the participants taking into consideration that they are future employees of the Bank. As such, the concessional rates will be withdrawn if the student does not join the Bank or stays with the Bank for certain number of years as stipulated, in which case, the Bank will levy the card rates as applicable, right from the inception itself.
Stipend, incentives and reimbursements:
- Earn while you Learn (Stipends):
A stipend amount will be paid to the students during the entire duration of the one year course Rs. 2,500/- p.m. during the nine months Campus period, and Rs. 10,000/- p.m. during the internship period.
Good News for candidates who accepted offer with BOB that the fees they paid would be reimbursed as per condition below
Completed number of years from the date of joining
After 5 years
Rs. 3.15 lakhs
After 7 years
Rs. 1 lakh
Service Bond :
All selected students, at the time of their joining the course itself, will have to execute a service Bond for serving a minimum of 2 years in the Bank w.e.f the date of their joining Bank’s service or else, shall pay back to the Bank the full amount of stipend received by him / her during the program, a notional amount of Rs. 1 lakh towards the cost of on-the-job training and also liquidate the entire Educational loan outstanding at that point in time at the prevailing card rate from the date of availment. From the 3rd year onwards, any officer leaving the Bank’s service will only have to clear his/her outstanding educational loan dues at the applicable card rate.
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