A top consultant at an executive placement agency in Mumbai said he has been getting a lot more calls now than usual from a particular category of job seekers: senior officials at state-run banks.
They are calling up to explore employment opportunities at private sector banks or even outside.
“Many of them are bright and committed, but disappointed with their current jobs in public sector banks,” the consultant said. After years of being in a job that offered security and stability, many of them now feel stressed out and demotivated. Added to that is the pressure to recover loans and tighter regulatory compliance and the chronic lack of appreciation.
The immediate trigger for them to look out for jobs, though, is the Rs 12,900-crore scam at Punjab National Bank, which has put the spotlight on bank employees and affected the image they had in the public eye.
“99% of the banking employees are no way involved in this case,” said State Bank of India chairman Rajnish Kumar. “No one praises hardworking bank employees. During demonetisation, my people were sitting at branches for 16 hours at a stretch; media didn’t talk about it. Pregnant ladies were at the bank counters eight hours at a stretch, (but) no mention. Just because in some branch somewhere an unfortunate incident happened, the media narrative has become negative,” Kumar told ET.
“I agree that something like this should not have happened, but (look at the) observation of experts or shouting on television channels — that all bankers are corrupt. What are we doing? We are demoralising our people.”
Most bankers that ET spoke to said in today’s world, a PSU bank employment was no longer a staid and steady job. In the old days, people seeking a stable profession elected to join the public sector which did not have the trials, rivalry and uncertainties that came with a private sector job. But in today’s world, PSU jobs are increasingly becoming performance-linked and creamy roles are getting filled through lateral hiring.
The pressure to contain bad loans and rising cross-selling targets have also upset many senior managers. “If a huge loan goes bad, the branch, rather than the headquarters, which sanctioned the loan has to face the music. Our jobs have become too stressful,” said a senior public sector bank official.
While the job pressure is increasing, the risk of investigative agencies questioning their decisions is further affecting the morale.
“PSU employees are no longer doing 9-to-5 jobs. Most of the time we are in office till 8-9 in the night. It’s increasingly becoming very stressful, but we are not complaining,” said another senior banker. “What is disheartening to see is that senior-level management is interrogated by investigative sleuths who have no idea what they are asking. How is that fair? If you ask me, it’s very frustrating for all of us.”
While there is a view that state-run banks are less efficient, RPG Group chairman Harsh Goenka sees them more reliable to bank with. Most corporates have exposure to both PSU and private banks to tap the best of both, he said.
While there is a view that state-run banks are less efficient, RPG Group chairman Harsh Goenka sees them more reliable to bank with. Most corporates have exposure to both PSU and private banks to tap the best of both, he said.
“Private banks are certainly more efficient and innovative at offering products that work for us, but they tend to be fair-weather friends and tend to dump companies on the rough lane,” Goenka said. “PSU banks, however, stay long and are better at hand-holding during such times. Probably, private banks are seen as more efficient because they have no history of political interference.”
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