Banking, Financial Services and Insurance Sector Skill Council (BFSI SSC)

The Banking, Financial Services and Insurance Sector Skill Council (BFSI SSC) of India is set up to bring leading organizations of the BFSI industry together to create strategies and operational plans that will create standardized skill requirements for the various job roles in the industry.

BFSI SSC

The National Skill Development Corporation (NSDC) has been in close contact with the BFSI Sector Skill Council to address the skill development needs in a large, highly segmented industry which is characterized by accelerated growth. The progress of the BFSI industry has a significant impact on the progress of our nation and the issue of skill development is one that the industry holds as being of great importance.

The skill council will also accredit well-equipped service providers who will partner to disseminate the training. The skill council is seen by its stakeholders and partners as a nation-building activity with far-reaching implications for social development and empowerment through financial inclusion. Great care is being taken to appropriately address the needs of the various industry verticals as well as the geographical regions of the country.

Vision & Mission

Vision

BFSI SSC strives to complement the existing vocational education system in meeting the entire value chain’s requirements of appropriately trained manpower in quantity and quality across all levels on a sustained and evolving basis.

Mission

• Upgrade skills to international standards through significant industry involvement.
• Be a conduit of change through thought leadership, research, market intelligence and membership engagement.

Key Objectives

The primary means by which the skill council will achieve this objective is by creating a system to engage in the following:

• To create a Labor Market Information System (LMIS) 
• Clearly define roles for each segment of the sector
• Identify competencies required for each role defined as stated above
• Map learning objectives to the competencies and define learning modules
• Train the trainers, provide certification and accreditation for training service providers

Skilled Workforce

The Indian economy has quite evidently been on a relatively high growth trajectory. It has experienced an average growth rate of over 9% annually for the last three years. There is no question that this surge has favorably impacted the Banking, Financial Services and Insurance (BFSI) sector.

The projected manpower requirement of the BFSI labor force by 2022 is 8.5 million - which is an increase of about 4 - 4.5 million from where we stand today. Many leaders in the industry agree that skill development is an issue that needs attention as we seek to grow as an industry and forge ahead as a critical part of the Indian economy. With the support of the industry and other service providers, it is possible to create significant progress in the area of skill development.

Source: BFSI SSC Portal