Necessity of Compliance of Management Education with Paradigm Changes in Banking Sector

As we all know, the globalization, privatization and liberalization was introduced in the year 1991 in India. Since then, privatization of many public sectors has taken place. The effect has been seen maximum in three sectors viz.. Banking, Insurance and Communication. The banking sector has changed very much since 1991. Merger and acquisitions have taken place in banking sector. Due to this fact, Some foreign banks have entered and started operating in India. These banks brought latest technology in banking sector. Hence Indian banks also had to introduce new technology in their banks. Softwares are being used in the banks. Transactions have become veryeasy andfastdueto online banking,corebanking andATMs.Competitionhas alsoincreased among them, which has made their operations more and more professional. Method of recruitment has changed in banks. Online applications are invited and processing of applications is also done by computers. Training is also given by professionals and experts. Marketing of products of banks is now done professionally. Different banks are using different softwares. Private sector banks are progressing rapidly. Public sector banks are struggling to make themselves efficient like private banking sector. Because of this competitive situation in banking sector, banks are preferring MBAs in their banks. But it has been observed that even these MBAs are finding it difficult to cope with the highly competitive environment in the banks. The reason is that the management education is being updated slowly. There is need of speeding the pace of updation. Their management education is not updated to make them competitive and professional enough to contribute to their organization. Hence it has become very much essential to make necessary changes in the management syllabus so that they become familiar with the current situation, conditions and professionalism in banking sector. This helps them to become familiar and be mentally prepared to work progressively. The syllabus should be designed in compliance to the current conditions in the banks. This study has put forth those necessary aspects which can make the MBAs professional and confident enough to work productively and progressively in the banks.