We came across this question recently while answering the doubts raised by our readers - To join a Public or Private bank? Many public sector banks are recruiting for entry level bank jobs in huge numbers. Private banks on the other end too recruit,but mostly through campus placements & sometimes through public notice.
There are over 20 Public & 15 Private banks in India but you would see more bank recruitments by public banks only(refer upcoming bank exams).Below are the reasons,
* Public sector banks follow certain rules laid by government & hence recruitments conducted by these banks are advertised in newspapers to reach everyone.Also the number of vacancies are allocated among various categories (Gen/ OBC/ SC/ ST)
* Private banks are not govt-owned,so they do not have any category reservations. Mostly these banks pick up candidates directly through campus recruitments,referrals, walk-ins or through consultants.If the vacancies are more they may announce publicly, like ICICI Bank & Axis Bank – which were conducted recently.
Q: Will there be any differences in salary?
A: Public sector banks pay Rs.7200-19300 for Clerks & Rs.14500 – 25700 for PO posts (salary increased).The payscale is fixed for different scales & salary would increase as you get promoted to higher scale.
Private banks look for qualifications, experience & knowledge of the candidate before fixing salary.So it could be on the higher side & moreover they prefer MBA grads
Q: I have been selected in a public sector bank & private bank.Which is best to join?
A: There may be slight differences in recruitment & payscale but the job is almost similar in public and private banks.The banking industry is getting competitive & inorder to maintain growth - sales targets & pressures are common in both, as in other fields.
So choose a bank that provides you with good growth opportunities & not by the amount of work you have to do.