Organizations need to evaluate their employees in a timely manner to determine the lack of rightwardness in the employees’ effort. By doing so an organization can reward its employees by giving promotion and other pecuniary and non-pecuniary benefits. On the contrary, it can punish its employees depending on some strict performance measuring criteria. This study tries to compare the performance appraisal system of a local bank with that of a multinational bank. Both banks are using quantitative and qualitative performance appraisal criteria. Although objective factors do matter, judgmental approach is widely used by both banks in their performance evaluation system. Immediate boss plays a significant role in deciding the fate of the appraisee. It has been seen that though there exists a good performance appraisal system in both cases, good amount of training and counseling still necessary for both the appraiser and the appraisee.