NIIT’s IFBI completes one year, trains 2000 students and 4000 professional for booming banking sector

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MBAUniverse.com News Desk |
July 24, 2016
Institute of Finance Banking and Insurance (IFBI), an NIIT venture with equity participation by ICICI Bank, has completes its first year of operations on September 26.

The institute has successfully tapped into the growing demand for skilled professionals in banking sector, and has trained over 2000 students and over 4000 professionals in last one year. It has conducted training programmes for 6 leading banks in 15 locations.

According to a McKinsey study, India's banking sector generates 2.5% of GDP and employs 900000 people. It has the potential to generate 7.5% of GDP and employ 1500000 professionals.

IFBI was inaugurated on September 26, 2006 by Mr KV Kamath, MD & CEO of financial giant ICICI Bank and Mr Rajinder S Pawar, Chairman of NIIT Ltd in Mumbai.

Speaking with MBAUniverse.com, Dr Smarajit Dey, President Strategic Initiatives at NIIT Ltd, said, “IFBI was created keeping in mind the massive demand for productive human resource in fast growing Banking and Insurance industry. It has done very well and is carving out a niche of itself.”

IFBI offers programmes to both individuals and corporates. Its flagship six-month program Post-Graduate Diploma in Banking Operations (PGDBO) targets entry-level manpower for new private sector and foreign banks. Post graduate Certificate in Retail Banking Operations (PGCRB) program caters to the need of career aspirants who want to pursue a program for a banking career alongside their studies or current job.

On the Corporate side, IFBI offers training programmes to Banking, Financial Services and Insurance sector (BFSI). In its first year of operations, IFBI has partnered with 6 banks and provided customized hiring and training solutions. Its training programmes include solution for recruitment and training of fresh talent, induction programs focused on basics of banking and practitioner programs which provide training on specialized software INFOSYS’ Finacle.

IFBI education centres are operational in Delhi, Mumbai Chennai, Bangalore, Hyderabad and Calcutta.

While launching the institute last year, Mr KV Kamath said: "As an industry leader, ICICI Bank felt the need for an Institute that could service the Financial Services industry as a whole. We are happy that NIIT has responded with the setting up of the IFBI, and we will contribute to this initiative through equity participation as well as inputs on course design. We hope IFBI will replicate NIIT's achievements in creating skilled professionals in the IT area", he added.

In future, IFBI plans to offer similar entry-level and skill-upgradation programs for the Insurance sector, and re-skilling programs for other Financial Services.