State Bank of India plans on saving about INR 1000 crore by making their employees work from home even after some easing in the lockdown rules.
Bank’s 65th annual general meeting was hosted via videoconferencing this Tuesday where SBI chairman Rajnish Kumar said that they would be focusing on some of the key areas that will include re-skilling and rationalization of workforce, cost reduction, redeployment of the workforce across various roles.
He further added, “Following global best practices, the bank will institute work from anywhere (WFA) infrastructure to facilitate work from any location, while taking care of the social aspects of work-life balance. The measure is expected to save ₹1,000 crore through cost optimization and will be a key component of our business continuity during the times of COVID-19.”
Kumar has also stated that the fiscal year 2021 would be a critical year for the SBI due to the COVID-19 crisis. But, as the largest bank of the country, SBI has over 44 crore customers and a diversified loan portfolio and also the robust capabilities to attain digital leadership will be its vanguard to steadily move through these times of crisis.
He has said, “The bank will maintain a constant vigil on the emerging stress and take proactive action to help our borrower customers and maintain asset quality. The bank has stepped up monitoring of all projects under implementation and expects to tide over the covid impact in the short to medium term."
Kumar also said that they would be setting up a financial inclusion and micro market vertical which will revamp the small and medium enterprise business as well.