The Banking Sector has evolved beautifully over the years. After the Independence era, many of the public sector banks have been nationalized as well as with the incorporation of liberalization, privatization & globalization policies many more new changes have been included to increase the efficiency of banking services & provide a hassle free transaction to each & every customer.
With the establishment of both private & public sector banks in India, it is really difficult on how to answer which amongst the two is a better sector. Both the public sector banks as well as the private sector banks seem to have their own merits-demerits. The fact that both the sectors have gone through numerous changes since their inception.
Here we are to discuss on which sector whether private sector or public sector is far more better from career point of view!! The basis for comparison shall rest on a candidate’s abilities , choices, skills, aptitude, aptitude & attitude.
Interested candidates are requested to pay a closer look at the below mentioned factors to be considered while choosing between Public Sector Bank or Private Sector Bank.
1. Tracing the Vacancies
There are major chances that a candidate in a private bank is selected through campus interviews/recruitment, walk-ins, consultants etc.. Advertisements is flashed on the websites of private banks since it is not compulsory to publish in public.
On the contrary to it, it is highly essential for public sector banks to advertise the vacant positions in newspapers & their official websites through a public notice. One is not likely to find many category reservations in private banks unlike the ones present in public sector banks.
2. Application for job
While applying for private sector banks, candidates are required to have a MBA Degree apart from a Degree in Finance during their graduation. In case of Public Sector banks, one necessarily needs to clear the Common Written Exam (CWE) & aptitude tests being held on regular basis.
3. Recruitment Procedure
Employers on a major note shall prefer a candidate having a background in Finance, Commerce & Economics when it comes to recruiting candidates in a private bank. Private Sector Banks are known for conducting their own aptitude tests, group discussions & personal interviews for recruitment procedure. The selected candidates there by are prone to undergo training period before joining.
As in case of Public Sector Banks, there is no other alternative but to clear the Common Written Exam (CWE). SBI conducts its own recruitment test & for rest of the Public Sector banks it is conducted through IBPS.
4. Pay Scale offered
The pay scale offered in both public sector banks & private sector banks necessarily depends on the job profile of a candidate. Public Sector Bank offers anywhere between Rs.7200/- to Rs.19300/- p.m for the post of Clerical Cadre. For the post of PO a monthly pay of Rs.14500/- to Rs.25700/- is offered. The salary shall increase as one is promoted to higher scale. Before fixing the salaries in Private Sector Banks, many factors such as qualifications, experience, knowledge etc are taken into consideration.
5. Promotion & growth rate
It is a known fact that, promotion in public sector banks is pretty slow as that compared to private sector banks. But apart from that the security & stability offered in Public Sector Banks is unbeatable. Private Sector Banks operate on a target oriented as well as performance basis. If one is unable to achieve the target, the fear of losing the job lies there.
Private sector banks & Public sector banks have their own advantages & disadvantages. A person needs to prioritize his/her needs accordingly to choose amongst them.
Share your own views with us on Public Bank V/s Private Bank: Which is a better career option? 🙂