Why you should do the NCFM Banking Sector Module?
The NCFM (NSE certification in financial markets) Banking Sector Module is one which anybody and everybody can opt for getting acquainted with the banking terms, operations, rules, regulations and services. This is the module which is not restricted to any particular field of study.
It is needless to say that banks are a vital part of our lives. When you think money, undoubtedly the first thing which comes to your mind is bank. It doesn’t matter which stream you study, but when it comes to knowledge of banks, you have to be good at it. In today’s scenario, the banking is not restricted to areas of finance. So not only for certification, but to understanding banking, one must go for studying this module.
The Banking Sector Module gives an insight into some really very important topics which should be known to all (The course outline can be found at http://www.nseindia.com/content/ncfm/course_bsme.pdf). As we all know, the Indian economy and its structure is fairly dependent on working of the banks. RBI uses various banking instruments or techniques to control the economic flow in the country such as CRR, SLR, OMO, Repos, and Reverse Repos. The working and operations of the bank and the services it renders to the customers can be understood through study of this module. Everything is going online these days, as we live in a digital era, so even banking is not an exception to this. The use of online banking services needs some special precautions and knowledge which not only saves our time but also helps in avoiding unnecessary hindrance caused due to delays in some urgent work. (Example: RTGS- Real time gross settlement, NEFT- National electronic funds transfer)
Majority of people in India do not have knowledge of the various services provided by the banks. It is far beyond having savings/current accounts and the ordinary deposits and withdrawals. The banking services have widened their horizons and they are successful in reaching out to various other services besides these principal services. Banks have really made the lives of their clients very simple- from payment of bills to portfolio management; just a matter of personal awareness, the more you explore, more you benefit. As the banking institution is a very big body, so there are some set of laws, rules and regulations governing them. With this module, one gets acquainted with banking and other general regulatory framework. The KYC (Know Your Customer) norms have gained significance due to alarming rates of various crimes in the country; these things are also included in the study. (This is so much essential as the co-operation of client is a pre-requisite for KYC compliance)
So, the candidates going for this module are totally in win-win situation; because if you don’t know about the most emerging sector i.e. banking sector then you are lagging behind on awareness front. In the present scenario, one cannot just rely upon his earnings, one needs to save & invest-and there can be no other better option than banks. Some things we learn by choice, but some things we need to learn and probably, this module is one of them; not for anybody else but for your own.
One should opt for this particular module because it is counted as a certification for NCMP which is NSE certified market professional (for further details, visit www.nseindia.com). Also it will boost your level of banking knowledge. And will develop further interest in you which will help you in giving a though about banking as a career. The module is simple to understand, can be easily grasped if you can relate it with your practical experiences and easy to clear, so just go for it- ALL THE BEST!!!
About the Author:
Komal Mutha is a qualified Company Secretary, CA Final student and has attained NCMP Level 2 certification. She is currently working as an intern with FinMarketGuru. She is interested in content writing on finance related topics, and can be reached at firstname.lastname@example.org