Apart from family members & friends if there is one thing which occupies a large portion of our lives is our bank.With technology reaching to such great heights, some huge banking corporations hardly have any physical branches of our own. People from earlier generations used to have their accounts only in public sector banks, guaranteeing them virtually 100% security of their money.Youngsters mock at the suggestion of having an account in public sector banks..Their reason of choosing a private sector bank is the enhanced customer service, remarkably low turnaround times.. Completely true. Drawing a DD from ICICI bank would not take longer than 45 mins..while the same for SBI is around 2 hours ( making an assumption that the concerned employee remains @ his place throughout & the printer is working fine..)
As always I have made an attempt to look at the issue from a different angle..I have compared SBI with central Railway suburban trains system in Mumbai and ICICI with the Western Line..Commuters say that Western railways is far more efficient than Central Line in terms of punctuality & performance in the monsoons. But no one looks at facts that Central Railways carry much more load than Western Line, the average distance traveled by a Central local is definetely much more than that by a Western local..Central areas are prone to much more flooding than western suburbs.. Similarly the load on SBI far exceeds that on private banks. The number of people in a SBI branch at any moment is far more than in an ICICI branch..Thus the private banks may do your job twice as fast as public sector banks but the load on them is about 40% of that on public banks..So public sector banks are not as bad as perceived by us..
The question is why should a account holder be concerned with all this, when his only intention is to get the job done as fast as possible? Yes, the public sector banks need to seriously look at improving their TATs.. A relatively more secure & a customer friendly public sector bank will offer a serious com petition to private sector banks as far as attracting young affluent class is concerned.