Bangalore, Karnataka, India:-- Manipal Global Education Services & Federal Bank collaborate to establish Federal Manipal School of Banking
-- Federal Manipal School of Banking is a residential one-year full time training program on various areas of Banking and Finance disciplines
-- On successful completion of the training, students will be absorbed as Probationary Officers at the Bank
-- Other attractive features include “earn while you learn” stipends, full fee financing through education loans from Federal Bank and loyalty bonuses
-- Students will be awarded a post graduate diploma in Banking & Finance by Manipal University
Manipal Global Education Services and Federal Bank today announced the launch of Federal Manipal School of Banking at Manipal’s Banking training Campus in Bangalore. The inauguration was presided over by Mr. Abraham Chacko, Executive Director, Federal Bank and Mr. V. Sivaramakrishnan, Executive President- Education Services, Manipal Global Education Services.
The Federal Manipal School of Banking is a residential one-year full time training program (nine months of intensive training on campus and three months internship at a branch of Federal Bank) to skill learners on various areas of Banking and Finance 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 Federal Bank. This is an industry-academia partnership to mould officers of calibre in the banking field delivering First Day First Hour productivity.
This unique, industry leading initiative is an “earn while you learn” program 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 for the students through education loans and loyalty bonuses.
On this occasion, Mr. Abraham Chacko, Executive Director, Federal Bank said “We are happy to announce the start of this program in association with Manipal Global Education Services. This program 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.”
Adding to this, Mr. V. Sivaramakrishnan, Executive President – Education Services, MaGE said, “We are delighted to enter into this partnership with Federal Bank, aiming to provide domain specific customised programmes for the Banking sector to address the current skill gap need. MaGE offers the scale and expertise to set up full-fledged collaborative programs 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. This new initiative with Federal Bank reinforces the role of MaGE as an end-to-end integrated learning & training services provider”.
The Indian Banking sector has seen an exponential growth since 1991 primarily due to liberalisation, granting license to the new generation tech savvy banks. The banking sector is growing at a fast pace, outperforming the Indian economy with a CAGR of 7% from 2000 to a projected CAGR of 11% - 15% in 2010-2011 (Source- IIBF and Investment commission of India). Hence, as a result, demand for trained manpower in banks has increased rapidly, a problem that has further 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 whopping 71% of Indian PSU banks who consider “Talent Attraction and Retention “as one of their biggest challenges. Employment and up- skilling opportunities are therefore endless.
About Federal Bank:
Federal Bank is a leading Private Sector Bank with a branch network of 1028 branches and 1,145 ATMs spread across the country. The Bank’s total business has risen to Rs. 91,101.34 crore and its Net Worth to Rs. 6,323 crore by 31/12/2012. It recorded net profit of Rs. 776.79 crore during the last financial year. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.
About Manipal Global Education Services:
Manipal Global Education Services is the leading India-headquartered International provider of high-quality higher education services. Its ambit includes a wide range of higher education services to institutions in India, corporate training programmes in partnership with leading enterprises, vocational training across a number of sectors, as well as technology-driven services in areas such as testing and education delivery. MaGE has 9 campuses across different countries such as Malaysia, Antigua in the Caribbean, Dubai and Nepal. It services and supports over 300,000 students currently, many of them through its award-winning technology platform, EduNxt™.
Manipal Global Education Services believes that industry relevance is the key construct in career-focused education in India. This has led to the development of innovative partnerships, with City & Guilds UK to launch IndiaSkills, and, with leading Indian banks like ICICI Bank, Bank of Baroda, Punjab National Bank, Andhra Bank, Axis Bank, Kotak Mahindra Bank and others to establish academies of banking & finance. Its other strategic investments include MeritTrac, India's leading testing & assessment company, and iRize, a leading creator of the employment ecosystem in India.
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