Banking has turned into the most preferred and lucrative sectors for employment; the reason why many apply for jobs in private and public banks for clerks, probationary officers and specialist officers posts. The educational qualifications and other criteria is almost the same; so many tend to get confused about the desirability of joining a private or public bank, hence it is important to look into the various points that distinguish public from private banks before making a choice.
Both private and public banks hire freshers and experienced people for various posts like Assistant manager, officers, Relationship managers, clerks and Probationary officers either with graduation or +2, but they differ from each other in various aspects. The process ofrecruitment in private banks is much faster than in public banks; most government and public banks put advertisements in the local newspapers or send off notifications that is followed by a written test and personal interview. Involving a long procedure of a few months, public sector banks differ from private banks that advertise in job websites, newspapers and through recruitment agencies; the procedure being completed in just a few days.
It is also found that many private banks hire through campus interviews, making the hiring activity of public banks to be more pronounced as is seen by the number of advertisements put up for bank job openings as compared to private banks. Govt Sector Banks and Nationalised banks now hire through common bank exam conducted by IBPS for PO and Clerk held 2 times every year. It is also worth noting that banks offer lucrative salaries; private banks are however better pay masters as compared to public banks, however public banks get some other benefits that private bank employees do not get. These benefits include bank loans at low rates of interest, additional interest on term and fixed deposits and pension; promising stability and security.
The choice of a private or public bank depends on one’s own set of priorities; an aspirant that wishes for achievement professionally and financially may not find it in a public bank and only in private banks, while those aspiring for an anchor financially and professionally will find the best bet in public banks. It is also true that job security is higher in public banks as compared to private banks; working in a public bank gives employees many chances to show an improved performance; nothing can make one lose ones job, but a big blunder.
Private banking jobs are the jobs for those that are ambitious; great pay packets with ample opportunities for growth and development. Public banks offer promotions more on seniority than merit; private banks are for those that want to achieve and grow and are willing to spend time and energy for it. One can expect significant salary hikes in private banks; employees that are sincere and smart have chances of annual appraisals based on the frequent evaluation. It is significant to note that most private banks today value employees that contribute and also take effective steps to motivate and appreciate its employees.
Working in a private bank means learning to meet higher targets and more pressure at work; these banks constantly use the latest technology for improvement and work enhancement. Public banks do not mean a lot of job pressure and lower targets and it is quite possible to just work for a fixed number of hours and be compensated for it. Public sector or private sector banks; this great query is answered by whether one wishes to be dynamic or passive, private banks are responsible for a more wide range of services. The choice is purely a question of one’s own individual priorities and choices.