Nothing in the world is positive or negative. It depends on your perspective. Nothing else. The world is full of hypocrisy, most people would not ever provide you a neutral review. Some won’t, cause they themselves are frustrated with the work (that happens in almost every sector, you must remember that oil and water are immiscible, and before jumping into a sector try finding what you are), while some would discourage you since they can’t crack the exam (so they wouldn’t especially be happy if you crack it) and so on. For me, in my very first attempt this year, I cracked it and got Canara Bank. I have learnt about these pros and cons:
good remuneration : Believe me every PSU , has a better remuneration scheme than a private sector company. The so called CTC of a private sector company say if you are getting 10-11 lpa inclusive of taxes, can read as high as 17-18 lpa. Go to a PSU, it gives you quarters, so n so bills, petrol, in banks you get loans at subsidised rates, so happily remuneration is way better.
Possibilities of getting promoted real fast: Have a look at the CMDs of Canara, SBI and Corporation bank. All of them joined as Probationary Officers. So that should speak for itself.
Better career prospects even if you choose to enter the private sector at some point of time in your career. There might come a time in your life when you are bored, then you can easily end up in the mid management levels of Deutsche Bank or ICICI bank.
Work life balance : The idea of work life balance is almost absent in the private sector. Yes, it is. I have seen people working from 9 am to 12/1am in my previous stints in both companies. Ofcourse they pay you more, but is it any worth? 15-16 hours for office, then what for your own self and family? In banking sector the pressure is there, a bit higher than other PSUs given the financial boom in India and the way India has strengthened its economic position in the last 2 decades. But don’t ever compare it to the private sector.
Prestige : Every Sarkari Naukri has got some sense of prestige attached to it. Maybe the prestige is no where close to an IAS, IPS officer but there is obviously a sense of respect, much more than a network engineer in some company or a web designer in some other company.
Balanced life style : My dad works in a PSU ( SAIL ), and today I am too joining a PSB. The very common thing in most PSU employees is a balanced life style. No need of going to drink parties, no need of overtime everyday as it is in private sector, no need of bootlicking your manager or else get fired and given the decripit lifestyle private sector gives us, today it is one of the major causes that family life is breaking down in most metropolis , divorces and extra maritals being the rule of the day, PSUs are way better in that respect.
Lesser pay compared to a mid management officer in Private Sector Banks. Accept it, money in hand is not the way PSUs go, rather it pays you in facilities.
Responsibility and added work pressure after privatisation of IDBI (or the merger, if it happens) and the INDRADHANUSH reforms. You can’t let NPAs getting added on everyday. Work pressure is a bit higher than other PSU sectors, say for example C-DOT or BSNL.
Transfers: Yeah it’s a bad thing. But ofcourse you can reject promotions if you are home sick ( or wield your contacts ).
Difficult to crack : Not really hugely difficult, I would be lieing if I say so. But the way vacancies are dwindling and paper standards are shooting up to be probably as good as an MBA entrance exam paper, in the next few years it will be a pretty tough nut to crack. IBPS PO has a greater difficulty level than any of LIC AAO n SSC-CGL. But there , papers being a tad easier a wrong answer hurts you twice or thrice as much.
Personally, this would be a very neutral critique laid down by me. Red Tapism and your higher authority being corrupt is another problem, but these are problems common in all government companies . In bank if you can’t clear or find out the frauds of your inmediate former, you are at risk.
These are in short the pros and cons. The pros overweigh the cons any day . All those telling you PSU jobs are shit, don’t pay them a heed cause these are those people ,who would be agitating for reservation being given to their caste in PSU jobs, if given a chance.