The BFSI Sector Skill Council
of India (BFSI SSC)
M B N RAO
(Former Chairman & MD Canara Bank and I B A)
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The Prime Minister’s Skill Development Agenda
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PM has recently indicated that India should skill 85 lac people in the next fiscal year
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He wants to skill people so as to facilitate a 10% growth rate for the country
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His broader mandate is that India should skill 500 million by 2022
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The mandate for this major skill development initiative comes directly from the PMO
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Ministry of Finance and MHRD are the key ministries involved
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National Skill Development Mission
India @ 75
Skill deficit to be one of the most challenging factors in achieving the nation’s growth targets
GoI has taken up a target of up/skilling 500 mn people by 2022
Creation of a 3 tiered structure
Hon. PM of India
National Council on Skill Development (NCSD)
Apex policy making body
 Headed by Advisor to PM, Mr. S Ramadorai

Planning
Commission
National Skill Development Co-Ordination Board
Co-chaired by Mr. S Ramadorai and
Mr. Montek Singh Ahluwalia
 Co-ordinate skill development activities
of various ministries and state governments

Ministry of Finance
National Skill Development Corporation (NSDC)
Funding Body
 Sec 25 Company under MoF

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Need for Focus on Skilled Development
in the BFSI Sector
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Increased need for skilled employees over the next ten years as financial institutions
expand geographically and in terms of business turnover
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The BFSI Sector in India impacts the country’s economic conditions and its global
relationships
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Projected increase of 4.5 million in BFSI sector workforce by 2022
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Currently, a significant number of skill gaps are reported throughout the industry which
need to be addressed
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Overall, across the nation, only 10 – 20% of graduates are truly industry ready. This calls
for a serious intervention – both in the BFSI sector and all across India
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What is a Sector Skill Council (SSC)?
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A SSC is an initiative of government and industry working together to create an ecosystem
for continual skill development within that industry to meet its manpower requirements
in terms of quantity and quality. All SSCs are overseen by the NSDC.
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It will create National Occupational Standards (NOS) by clearly defining skill requirements
for a job roles within the industry.
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Create a National Vocational Qualification Education Framework (NVQEF) that will define
what specific qualifications are required by job level, creating a clear career progression
and skill upgrading path for an employee
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To create a a Labor Market Information System (LMIS) – which will gather and information
on skill needs, skill gaps and projections on skill development needs. This system can be
made available to the government and industry as well, for their use.
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Provide Accreditation and Certification for skill development programs that the industry
can use as a certifier of standards and quality
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Create financial inclusion programs and educate the public on how to use financial
services more effectively
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The BFSI Sector Skill Council of India
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The BFSI SSC will be jointly owned by industry organizations who will be invited to drive
this initiative from within the industry
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It is a part of a nation-building plan to address skill development issues in quantity and
quality on a sectoral basis being shepherded by NSDC
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Industry leadership is critical to address the skill development issues in any significant way
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BFSI SSC to be the Apex Body for Skill
Development In the Sector
Research
Quality Assurance
 Create Skill Development
Plan
 Streamline certification
framework
 Create sector specific
competency standards
 Conduct certification of
(master) trainers
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Benchmark with intl.
standards
Labour Market Information
Systems
 Conduct productivity
analysis of human
resources
 Conduct certification of
workers
 Undertake accreditation of
all sector specific courses
Delivery Mechanism
 Catalyze training delivery
organizations to meet
industry requirements
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Work with industry to
train existing workers
 Provide training to (master)
trainers
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Develop trainer
modules & e-learning
modules
 Develop CoEs
 Tracking the latest
technological trends
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Promoters
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Currently the BFSI SSC is promoted by:
– BSE
– NSE
– CII
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Board of Directors
The Board of Directors of the BFSI SSC are as follows:
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Mr. M. B. N. Rao - Former Chairman and Managing Director, Canara Bank and
Indian Bank, Chairman BFSI
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Mr.Sudhakar Rao - Chairman BSE Institute Limited, Retd. Chief Secretary to
Government of Karnataka.
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Mr. Ashishkumar Chauhan - Managing Director and CEO of BSE Limited
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Ms. Chitra Ramkrishna - Managing Director and CEO of National Stock Exchange of
India Limited
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Mr. Ambarish Datta - Managing Director and CEO of BSE Institute Limited
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Current Status
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Définition of National Occupation Standard Qualification Packs (NOS-QPs) for Key
roles in the industry initiatied
NOS-QPs for 6 roles defined
Assessment Criteria for these NOS-QPs are being created
Training providers who can provide training programs aligned to these NOS-QPs
are being accredited
Training programs for some of the NOS-QPs are being rolled out in different parts
of the country
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Currently Defined National Occupational Standards
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National Occupational Standards – Qualification Packs defined for the following
roles:
– Business Correspondent
– Equity Dealer
– Life Insurance Agent
– Loan officer
– Mutual Fund Agent
– SME officer
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Business Correspondent
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SECTOR: BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI)
SUB‐SECTOR: BANKING
OCCUPATION: FINANCIAL INCLUSION SERVICES
REFERENCE ID: BSC / Q 0301
Brief Job Description:
– Business Correspondents (BCs) are representatives appointed by banks to act
as their agent and provide banking services in remote locations where the
bank does not have a presence in order to promote financial inclusion. BCs are
responsible for spreading awareness related to banking and bank's products,
assisting the bank in business generation activities and are permitted to carry
out regular transactions for customers on behalf of the bank.
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Equity Dealer
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SECTOR: BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI)
SUB‐SECTOR: Capital Markets
OCCUPATION: Broking/Trading
REFERENCE ID: BSC / Q 0201
Brief Job Description:
– Equity dealers buy and sell investment and financial instruments on
behalf of their clients. They also provide market insights and
investment advice to potential and existing clients as per the
organizational standards and procedures
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Life Insurance Agent
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SECTOR: BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI)
SUB‐SECTOR: Insurance
OCCUPATION: Insurance Services
REFERENCE ID: BSC / Q 0101
Brief Job Description:
– Life Insurance Agents are individuals who are licensed under section 42 of the
Insurance act of 1938 by IRDA and appointed by a Life Insurance Company to
solicit and procure life insurance business on their behalf, in a manner
consistent with the interest of the clients and the company.
– It is the responsibility of the Life Insurance Agent to provide service while
ensuring that the business relationship is sustained without a lapse until the
policy results into a claim upon death or when a policy matures.
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Loan officer
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SECTOR: BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI)
SUB‐SECTOR: Non Banking Financial Services
OCCUPATION: Credit Services
Also known as Credit Processing Officer, Loan Processing Officer, Branch Credit
Manager
REFERENCE ID: BSC / Q 0401
Brief Job Description:
– Loan officers evaluate, authorize, or recommend approval of loan applications
for people and businesses. Their tasks include compiling the loan application
file, performing preliminary checks, approving loans and submitting
recommendations for loans beyond their limits for further processing.
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Mutual Fund Agent
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SECTOR: BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI)
SUB‐SECTOR: Non‐Banking Financial Services
OCCUPATION: Financial Services
REFERENCE ID: BSC / Q 0601
Brief Job Description:
– A mutual fund agent is representative of a bank or similar financial institution,
who offers mutual funds to prospective investors, maintains records of their
investments and conducts regular market research to advice customers.
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SME Officer
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SECTOR: BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI)
SUB‐SECTOR: Banking and Financial Services
OCCUPATION: Banking services
Also known as Relationship Manager for handling SME accounts
REFERENCE ID: BSC / Q 0501
Brief Job Description:
– SME officers are in charge of handling, maintaining and building relationships
with SME customers. They support customers with transactions, process their
applications, monitor their accounts and advice customers when required.
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The BFSI Sector Skill Council of India - DDU-GKY