I am more interested in PSU bank job – why should I consider private sector banks?

Banking career is very good, whether in private banks or in PSU banks. But there are some very important reasons why you should seriously consider private banks.

  1. PSU banks do very less hiring. On an average, PSU banks may be hiring less than 10k new employees every year, whereas this number will be over a lac for private banks.
  2. More candidates apply for these very less vacancies in PSU banks, making it very difficult to get these jobs.
  3. Government has also clearly expressed it’s decision to privatise PSU banks. It is more than likely that even if you finally get a job in one of these PSU banks, that bank may get privatised eventually.
  4. Salaries & benefits & growth in private sector banks is far superior to PSU banks. Long term career is definitely far better in private sector banks.
  5. PSU banks are also re-aligning their working style to compete better with the private banks who are doing much better business. Which means that there will hardly be much difference in the work of employees.
  6. Even if you are very keen to join a PSU bank, and you want to continue preparing for the national test, you may still want to have a job in a private bank as a backup plan to secure your career.
  7. And finally, your experience in private sector bank may help you get a job in a PSU bank also. PSU banks do lateral hiring of experienced employees from even private sector banks.

Please also read this related Q&A:

What is the hiring trend across private sector banks & PSU banks?

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