I can shed some light on the Psychiatry department of CIP Ranchi.
I don’t have much information about KGMU. But as far as CIP Ranchi is considered, the only academic pro is its enormous patient load. This offers a great exposure. Other than that, you’ll meet good peers and seniors. The biggest con, on the other hand, is the anti research attitude. People aren’t encouraged towards research. Only after you start publishing papers, do others invite you to their work.
But also, a lot has changed at CIP Ranchi in the past years. So I recommend you approach some seniors from both the colleges before arriving at a decision.