SBI is revamping its work from home policy. Soon, SBI employees might work from anywhere. India’s largest bank is coping with the after-effects of the coronavirus. During the annual report, SBI says the focus of the bank in the coming days will be on business procedures and rapid adoption of digital technology
SBI believes that the current fiscal year will be challenging for the bank due to the corona outbreak. Also, the bank feels that they will be a change in the behavior of customers as well
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Until now, only 21.8% of the overall customers have availed the moratorium. The bank achieved 98% branch operability and 91% alternate channel operability during the lockdown.
SBI has a Business Contingency plan(BCP) in place during emergency situations. BCP’s main task will be to assist the customers and also to support essential backend services. The entire world is moving towards a more robust work from home policy. To cope up with this, the bank is also planning to revamp it WFH policy
How does bank want to tackle this
The bank believes that technology and productivity tools are also in place to assist the employees to work from home efficiently. SBI believes that employees can choose to opt from Work from anywhere(WFA) with this technological help.
WFA has already been introduced in the foreign branches and soon it will be implemented in the domestic offices as well. SBI believes this move will reduce the operational costs for the bank by providing additional motivation and productivity to the employees
With the coronavirus, global manufacturing is disrupted. Many companies are looking to set up their branches in the country. This will be a great opportunity for banks.
For the FY19-20, SBI posts a net profit of Rs.14,488.11 crore which is higher than Rs.862.33 in FY19