Banking and Elite Class; Banking By PSBs

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 Many discussions are on by many persons whose life will be impacted by the banking industry. Many who do not have any knowledge about the banking operations are also jumped to give his/ her opinions. This is particularly happen in INDIA. But Graduates join Banking industry through either IBPS or Walk-in. So both pattern has their uniqueness. One makes graduate guarantee basic plus da. But other form does not guarantee any pay structure rather showcase rosy pictures like ESOP, INCENTIVE. So both are having Pros & Cons. Now put HR things aside. Come straight to Customers. Customers for PSBs are all. But Elites are thinking Private Sector Banks are giving value. But it is actually illusion. As all banks are technology driven and also provide Credit cards. So basically there is no difference. 

        So, customers need to be trapped so that they will stick to an individual bank. It is the philosophy of every bank irrespective of bank types. But on one hand walk in customers are abundant for the public sector banks as these banks are meant for all as the minimum balance criteria does not demand much. Also the service charges are very much reasonable. The PSB banks are also not having any hidden charges. Pre payment penalty exists in most of the PVT banks but in PSBs these charges are non existent. 

        But psychologically, Elites who think  have perception that the PSBs are not giving superior services in terms of technology, are oblivion about the Super apps introduced by various PSBs. Along with that they are also providing hyper personalized offers on the basis of AI, ML. They are also introducing Data Lake. They are marching ahead with the introduction of various measures by DFS. So UPI, MOBILE BANKING, NET BANKING, CREDIT CARD, DEBIT CARD, INTERNET PAYMENT GATEWAY, POS machine,  QR code provided by PSBs are some of the examples of their technology capability. Almost 3/4 th population is served by the PSBs. The marginalized farmers, poor are being served by these banks. 

            So citing technology one can not say the PVT banks are superior. Now lets face the tune of Account Aggregator which are also introduced by PSBs as well. So PSBs are now well placed in terms of technology capability. Hurrah! 

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