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.
- 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.
- Lacs of candidates apply for these few thousand vacancies in PSU banks, making it very difficult to get these jobs.
- 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.
- Starting salaries are generally better in PSU banks but the annual salary growth, performance incentives & bonus & promotions are much faster in private sector banks. Overall, there is much more money in a private sector banking career, over the medium to long term.
- PSU banks are also re-aligning their working style to compete better with the private banks who are doing much better business. Officers carry equal or even more work pressure and business targets even in PSU banks now.
- 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.
- 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?
