Career in Banking: Nationalized vs. Private Bank

The banking sector is in demand today all around the world. The growing demand is due to an increase in private banking sectors, and it also brought frequent opportunities to a bright future. It is not that everyone can seek jobs in banks, according to research, nearly 45% of people are unable to get a job in the banking sector. People are confused as both private and public banks have pros and cons.

Both sectors have their inception and play an essential role in the economy. It is challenging to get a job in both industry, and so there is a need for an aptitude test which will make it easy to get into a banking job. There is some difference between the public and private banking sector and so to get in a particular sector decision is taken by aptitude, skills, capabilities, and choices.

Vacancies in the banking sector

One who wishes to get the job in public banks has to stay alert by checking the advertisement in the newspaper. Vacancies are being declared through publication, and it is done by public notice. In the public sector, there is reservation of seats according to the category which is not in private banks. It is easy to get a job in private banks as recruitment is done through links, interviews, consultants and even campus. There are private banks where recruitments are done though advertise but it is limited to their particular sites.

Packages and growth

In both sectors, remunerations are offered according to designation provided in the bank. Private Banks offer packages according to the knowledge and skills of person and salary is fixed. It varies from one bank to other. In public bank 7000 – 20000 is offered to clerks while 14000 – 26000 is being provided to PO. These type of pay scale increases as one gets promotion further.

People who are looking for stability will find public bank the best, but growth and promotion are meager in a public sector bank as compared to private banks. There is no assurance of a job in private banks, and thus there is no security.

In private bank knowledge and targets are given importance, and one who is unable to achieve it will get kicked off. In public bank there is safety and time is provided to adapt to the environment and work ethics.

Recruitments

Private bank recruitments are natural for students who belong to finance or commerce background. These sectors also go for aptitude exams and personal interview to offer jobs to candidates. Private sector banks have their process which helps to recruit the right candidate.

There are different entrance exams for public sector banks like SBI has their entrance exam while other public sector bank goes for IBPS exam. It is tough to clear such exams and to get jobs in public sector banks is hard.

Image source: Raw pixel

Leave a Comment