Working for a public sector bank was considered a privilege, twenty years ago. But with the Information technology and software boom, many multinational companies started their own offices in India paving way for massive generation of jobs in the software industry.

Due to high salary, plush offices following world class work culture, every fresh graduate out of college would think of becoming a computer engineer. This love for IT sector kept gathering steam each year as Indian software companies picked up large number of graduates directly from educational institutions through campus placements hoping to get new contracts.

All was well, until the economic depression showed its head. Governments across the world were battling to stabilize their nose-diving economies through various measures. Companies for their part, indulged in cost cutting exercises to wade through this recession by postponing new projects.

As foreign clients slowed down in signing new agreements, Indian companies started to feel the heat. To minimize losses, scores of employees who were recruited as backups were fired citing no work. Some others were asked to quit on poor performance. Once considered as boon for youth – software jobs became a nightmare instantly.

Having seen the insecure nature of jobs in IT companies, degree holders look have started to apply for bank exams as they presume it to be a safe option. India has around 20 public sector banks employing close to 500 thousand people. Although the remuneration package offered may not match its private peers, the government shareholding in these banks is seen as a confidence booster. In addition, the performances of most of these public banks during the recession phase was very good compared to banks in other countries.

With the recent introduction of common written test for upcoming bank exams, the time and efforts for banks and applicants are expected to come down drastically. This move could also help more young professionals to choose banking as a career.