`Upar ki kamayee' a lure to join PSB over private bank

NEW DELHI: Which bank would you prefer to join — the obscure Bharatiya Mahila Bank or one of the leading private sector lenders such as ICICI Bank or HDFC Bank? If you think the answer is obvious, you are in for a surprise.
Hundreds of young aspirants recently conveyed to the government that they would prefer a job with the public sector Bharatiya Mahila Bank (BMB) — a relatively new bank that is likely to be merged with one of the older public sector banks soon — than look for a private sector job even if the immediate fate of BMB was uncertain.What is it about public sector bank job that they would miss in the private sector, some were asked? The answers shocked the officials of the union finance ministry.
“There is ‘upar ki kamayee’ (bribe) too,” one of the 300 candidates selected by BMB said with aplomb in front of a stunned gathering comprising minister of state for finance Jayant Sinha.
Sinha has held a few rounds of meetings with BMB candidates after the bank opted to go slow on issuing appointment letters as the fate of the bank was not clear. After being trolled on social media, he met another set of candidates, who had been selected to join IDBI Bank, where the government is looking to reduce its stake below 50%.
These candidates were angry because they thought they had applied for a “secure” public sector job that could turn into a private sector job. Some candidates said a public sector job gave them the freedom to have social life since work finishes “on time”, unlike the private sector banks where work routinely goes on “until 9 pm.” Most candidates thought public sector job was secure and required less work. One aspirant pitched in by saying only public sector job will allow him to work for financial inclusion, something he strongly believed in.
These honest observations highlight the obstacles government faces as it attempts to push strategic sales and reform the public sector. Even 25 years after India opened up its economy to greater foreign and private entrepreneurship, the “security” of a public sector job still has an enduring charm.