The Prime Minister’s Office has issued a mandate that by the year 2022, India should have 500 million skilled employees across various sectors. The Ministry of Finance has been charged with overseeing this mandate and has established the National Skill Development Corporation (NSDC) for this purpose. NSDC has been working with leading organizations and associations from several sectors on setting up Sector Skill Councils to address the need for skill development.
The BFSI Sector Skill Council of India is set up to bring leading organizations of the BFSI industry together to create strategies and operational plans that will create standardized skill requirements for the various job roles in the industry. The skill council will also accredit well-equipped service providers who will partner to disseminate the training. The skill council is seen by its stakeholders and partners as a nation-building activity with far reaching implications for social development and empowerment through financial inclusion. Great care is being taken to appropriately address the needs of the various industry verticals as well as the geographical regions of the country.
NSDC has been in close contact with the BFSI Sector Skill Council as we partner to address skill development needs in a large, highly segmented industry which is characterized by accelerated growth. The progress of the BFSI industry has significant impact on the progress of our nation and the issue of skill development is one that the industry holds as being of great importance.
The BSE Institute Ltd. is a wholly owned subsidiary of BSE Limited and has been a pioneer in the field of Financial Education for the last twenty three years. The BSE Institute Ltd. has taken the lead in setting up the BFSI Sector Skill Council of India with the active support of the Confederation of Indian Industry (CII).
- The BFSI Sector Skill Council of India has been set up with the aim of enhancing skill development across the BFSI sector leading to greater efficiency, productivity and sustained growth.
- It addresses the shortages in skill development, known as ‘skill gaps’; targets skill development strategies accordingly and thereby helps in enhancement of skill level of employees.
- The approach to this is by defining the standards for skill development for the various job roles of the industry using a competency based framework.
The Indian economy has quite evidently been on a relatively high growth trajectory. It has experienced an average growth rate of over 9% annually for the last three years. There is no question that this surge has favorably impacted the Banking, Financial Services and Insurance (BFSI) sector.
BFSI companies are now able to expand by introducing new products, leveraging technology, deploying innovative strategies and ramping up distribution networks. Greater levels of consumer awareness about various investment options have enlarged the potential of this sector for catering to the various strata of society. Deregulation has induced the banking sector in particular to explore new business avenues. A strong regulatory and compliance framework in creating an investment friendly environment is showing positive signs for the sector too (Source: Dun and Bradstreet).
The projected manpower requirement of the BFSI labor force by 2022 is 8.5 million - which is an increase of about 4 - 4.5 million from where we stand today. Many leaders in the industry agree that skill development is an issue that needs attention as we seek to grow as an industry and forge ahead as critical part of the Indian economy. We are confident that with the support of the industry and other service providers, we can collaborate successfully for this nation-building endeavor and create significant progress in the area of skill development.
By partnering with the leaders of this industry, industry association bodies and various service providers, the skill council is looking forward to working hard to take our industry and therefore, our nation forward.