New Delhi: In the wake of COVID-19 pandemic, India’s largest lender State Bank of India (SBI), which has almost 2.5 lakh employees, has upgraded its existing work-from-home policy to work-from-anywhere.Also Read - RBI Slaps Rs 1 Crore Penalty on State of India Over Non-Compliance

In a letter to the sharholders, SBI chairman Rajnish Kumar reportedly said,”Productivity tools and technology are in already place to perform administrative work remotely. Work From Anywhere” (WFA) policy would help reduce commute time for the bank’s staff, which can be utilized for providing better services to customers as well as ensuring better work-life balance.” Also Read - SBI Is New Tenant of Amitabh Bachchan; Check Monthly Rent, Other Details

The SBI chairman claimed that the new policy is likely to “drive down the operational cost for the Bank, besides ensuring better motivation and productivity for staff members.” Also Read - SBI Net Banking, YONO, UPI Services To Remain Unavailable During THIS Time | Details Here

Earlier, Aditya Puri, the managing director of HDFC Bank, had reportedly affirmed that about a third of the bank’s employees were working from home. He had stated that the practice could continue even after the pandemic.

On the business side, the focus of the SBI in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India’s annual report.

This fiscal will be challenging as the full impact of the COVID-19 outbreak will be felt in this financial year.

However, from the bank’s point of view, the true impact COVID pandemic must also consider the behavioral impact on Bank’s customers, and composition of portfolio, the report said.

“For instance, likely job cuts and salary reductions will have relatively low level of stress on account of higher proportion of Govt/ Quasi Govt sector customers,” the report quoted SBI Chairman Rajnish Kumar as saying.

(With agency inputs)