As some of you may know, CRISIL( the India credit rating subsidiary of S&P) has its own 2 year 'internship' program for graduates,at the end of which it absorbs them as analysts. The selection for this program(test, GD/PI, interview) resembles that of a MBA and indeed CRISIL has tied up with NITIE for the conduct of the program. You can read more about CCAP here.This HR strategy ensured that CRISIL got its pick from Day-0 instead of waiting for a 2 yr MBA.
ICICI, on the other hand, used to absorb entry level front office staff from those who cleared IFBI courses. But to fill the middle management void, it has adopted a novel way. It has launched its own 2 yr program for experienced professionals(atleast 3 yrs) who will be trained by ICICI and NIIT. The program fee is Rs 4.5Lakh but ICICI will give a loan @ 2.5%(EMIs to start after person works for ICICI). It gives a job guarantee of 15 Lakh+ CTC(with a 5 yr bond for Rs 20 Lakhs!!!). More details are available here.
What is somewhat alarming is that ICICI does not want to use the executive MBA option to develop its employees, nor does it see any value in equivalent profiles from the IIMs/XLRI/SP Jain/MDI etc. A CTC of 15Lakh+ and a mid-management type senior position would not be scoffed at even at those campuses. If other organizations continue like this, the lower rung colleges may need to replicate NIIT-IFBI or shut shop.