GOVT. V/S PRIVATE SECTOR BANKS FOR CAREER PLANNING
During career planning, traditionally students want to join Govt. sector. But everyone can’t get Govt. Job. In this post, Govt. V/s Private sector banks for career planning have been explained on the basis of salary, perks & posts.
Due to the scarcity of jobs in core engineering sectors, many engineering graduates also join the Banking Sector through IBPS. It may be possible that Initially there is lesser payment in Pvt. Sector & more work compare to Govt. Sector jobs.
But in Govt Sector, You will get a promotion after a long gap of 5-10 years. So you face payment differences & lesser flexibility in work culture. For your career, you must know the Govt. V/s Private sector banks for career planning.
Public sector banks also referred to as government sector banks, are controlled and run by the government. They are renowned for fostering a feeling of social responsibility as well as job security and stability. Government sector banks also provide alluring wage packages, frequent promotions, and numerous extras and benefits like pension plans, health insurance, and mortgage loans. Government sector banks, however, might also be thought of as being slow-moving and bureaucratic, with few chances for expansion and improvement.
Banks in the private sector, on the other hand, are held by individual shareholders or investors. They are renowned for being dynamic and creative with an emphasis on technology and customer care. Private sector banks provide chances for rapid growth and job advancement, as well as higher salaries and performance-based incentives. Private sector banks may, however, experience greater levels of work pressure due to a greater focus on reaching success metrics and sales targets.
The decision between a government sector bank and a private sector bank for career planning ultimately comes down to the tastes and professional objectives of the individual. The public sector may be more appealing to those seeking stability and job security, whereas the private sector may be more appealing to those wanting rapid growth and development. Before choosing, it’s crucial to thoroughly weigh the advantages and disadvantages of each industry.
I am aware of the Corporate issues of Smt. Chanda Kochhar. The topic has no concern to the present status of Smt.Chanda Kochhar. Also, such an incident has no impact on this comparison between Govt. V/s Private sector banks for career planning.
The below-given comparison shows the original Salary difference between Govt & Pvt. sector. For illustration purposes, I have considered an example of a Bank’s CMD payment parameters. It will help you to understand Govt. V/s Private sector banks for career planning.
All Data is as of Feb 2015. Since the post is about the comparison of payments of CMD regarding career planning, there is no need to update every time. Below mentioned Data are given in this sequence for illustration purposes only.
Sl No – Name & Post – Bank – Govt/Pvt – Approx Payment per annul (2013-14) – Approx stock Option – Basic Education
1. Chanda Kochhar & MD & CEO – ICICI Bank – PVT – 5.22 Crore – 2,90,000 – BA & MBA
2. Aditya Puri & MD & CEO – HDFC Bank – PVT – 6.06 Crore – 8,00,000 – B.COM & CA
3. Shikha Sharma & MD & CEO – Axis Bank – PVT – 6.34 Crore – 8,75,000 – BA in Economics & MBA (IIM Ahmd)
4. Romesh Sobti & MD & CEO – Indus Bank – PVT – 3.68 Crore – 7,00,000 – BCOM & CA
5. Arun Tiwari & Chairman & MD – Union Bank of India – Govt – 23 Lakhs – Nil – Msc in Chemistry
6. Arundhati Bhattacharya & – SBI – Govt – 17.95 Lakhs – Nil – MA
* Arundhati Bhattacharya took charge as Chairman SBI in OCT 2013,hence the lower pay.
7. S S Mundra – BOB (Former) – Govt – 25.13 Lakhs – Nil – M.COM
8. V R Iyer – BOI – Govt – 21.82 Lakhs – Nil -Post-graduate in Commerce with CAIIB
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