The Indian economy currently growing at the rate of 8 percent is expected to grow at a higher rate in the years ahead. For India, it is just the beginning of the best to come. Reforms in the financial sector, covering Banking, Insurance, Financial markets, Trade, taxation etc. have been a major catalyst in strengthening the fundamentals of the Indian economy.

The Financial sector reforms have resulted in the rapid growth of NEW Private sector banks and emergence of Private players in Life and Non-Life Insurance sector. While the number of players in the Insurance sector has grown to 27 from 5 in the aftermath of the reforms, the 8 new private sector banks have garnered about 15% of banking market-share beginning from a negligible figure.

The new private banks have revolutionised the banking practices in the country and are witnessing exponential growth in business. It is estimated that by 2010, the three top players would have grown at about the same speed as path breaking IT industry in India.

However, one of the crucial impediments to growth is the acute shortage of skilled manpower. The banks are already facing problems with respect to sourcing, training, nurturing as well as retaining such talent.

Already, the new private sector and foreign banks have been increasing their employee-strength by half of the total numbers on rolls, every year. Simply speaking, manpower in these banks has been more than doubling every two years. For ICICI Bank in particular, the numbers moved from 18029 to 25479 during 2005-06.

The Banking industry, which currently employs nine lakh people, is expected to add six lakh people over the next five years.

Not only are the numbers large but the need is for new generation finance professionals, in other words, Modern Bankers. In addition to knowledge of the banking domain, modern bankers need to possess familiarity with technology, superlative customer handling skills, flair for sales and marketing, effective communication skills, infectious positive attitude at work place and more.

Therefore, the need of the hour is to create academic programmes which provide the knowledge, skills and personality by the new age banks.