SBI plans to save ₹1,000 crore by using work from anywhere policy
1 min read . Updated: 15 Jul 2020, 07:00 AM ISTThe policy will help optimize costs and be a key component of SBI’s business continuity, chairman says
MUMBAI : State Bank of India (SBI) aims to save ₹1,000 crore, even as the lockdown is eased, by allowing its employees to work from locations away from office.
SBI is focused on cost reduction, rationalization and re-skilling of workforce, improvement of staff productivity, and redeployment of the workforce from administration to sales roles, SBI chairman Rajnish Kumar said at the bank’s 65th annual general meeting held via videoconferencing on Tuesday.
“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," he said.
Fiscal year 2021 will be a challenging year for the country’s largest bank because of covid, Kumar said. However, the strong liability franchise with a customer base of more than 44 crore, a diversified loan portfolio with strong capabilities to originate, digital leadership across channels, and legacy stress will help it to navigate this period, he 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," he said.
SBI aims to revamp the small and medium enterprise business by setting up a financial inclusion and micro market vertical, Kumar added.
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