Meenu: - At last, one of the worst years of the world, the 2009 has ended. Let us hope that this 2010 will be a bright year for us. But, 2009 was really good for the Indian PSU Banks. Around 85% of Indian PSU banks have increased their profit margin by more than 37.42% on an average, which is not bad at all.
Kaushik: - Are you talking about private banks or PSU banks? I don’t think that these PSU banks have done so much profit in 2009. Why people will invest in those banks, where the work culture is just useless.
Sonam: - No, Kaushik, then your perception is wrong. Nowadays, the work cultures of PSU banks are changing. They are now working on a 24*7 customer support theory. There are even corporate branches, where people are working in night shifts also. In Mumbai, many PSU banks have already started implementing updated IT applications in their core branches.
Prakash: - Wow, then that is a good sign. See, if a customer gets the same kind of service from the PSU banks, as they get from the private banks, then why they should invest on private banks. After all; at least, PSU banks have a security, as Indian Government acts as a back-up for those banks. Today, when I am keeping my money in any savings or current accounts of ICICI, HDFC or HSBC banks, I don’t know when they will just close their banks out of bankruptcy. If Lehman Brothers can collapse, then where is the guarantee for HSBC, HDFC and ICICI banks?
Arindam: - Moreover, when you are investing your money in PSU banks, that means you are indirectly contributing to make your India financially strong. See, for example, when you are keeping money in a foreign bank like HSBC or any other American Banks, then that means you are indirectly helping the other countries to utilize your money for their business purposes, which is indirectly reviving their economy and ruining our Indian economy. If the NRI people are not contributing in the GNP of India, then that does not mean that we, the people who are residing in India will not contribute in India’s GDP.
Kaushik: - but, this work culture, laziness of PSU bank employees, all those unions among the employees, no IT applications, creates a huge problem. If you visit a PSU bank, then just by seeing the office structure only, you will feel as if you have entered a haunted house. Electric wires are hanging here and there. Employees do not have their own cubicles. They are sitting on those old torn chairs. There are no A/C facilities. Canteens are just useless. PSU banks are not at par with private banks. Whenever you will enter an ICICI bank, there are people roaming here and there and will ask you, ‘May I help you, Sir?’ Now, that kind of culture is not there in any PSU banks. In private banks, customer is treated as King and in PSU banks, customer becomes the slave. To open a bank account in PSU bank, a customer has to do buttering to a mere clerk also. This is not accepted, boss.
Meenu: - No, Kaushik, these things are changing. Massive restructuring of all the PSU banks are going on. Now, Indian Government has also understood the importance of PSU banks. One thing is good in this government that Manmohan Singh, P Chidambaram and Pranab Mukherjee are from finance background only and they can surely change the corporate structure and functioning of PSU banks. Also, Amartya Sen should take the initiative of framing micro-finance banking strategies in rural sectors of India, like Mr. Mohammad Younus did for Bangladesh Grameen Bank.
Arindam: - The problem is elsewhere. A villager of India does not even know how to use ATM cards and what is the essence of that PIN numbers. At least, thanks to SBI for its immense number of ATM centers throughout India, but, PSU banks have lacked on one thing, where ICICI bank have capitalized. See, I am a customer of a bank, so, I am just like a trainee for your bank. It is now the bank’s responsibility to teach me, how I should make optimum use of the bank’s service, so that, at the end of the day, I am satisfied. ICICI Bank always teaches its customer about all its services from Internet Banking to ATM functioning. PSU banks have failed to teach its customer as well as they are yet to implement full-fledged IT applications. You have to appreciate the fact that “IMPROVEMENT IN INDIAN PSU BANKS CAN ONLY TRANSFORM INDIA INTO A FINANCIAL SUPERPOWER”.
