State bank of India in a bid to save cost up to Rs 1000 crore has planned to permit its employees to work from anywhere.
In bank’s recent AGM, SBI Chairman Rajnish Kumar said: “SBI is set to focus on cost reduction, rationalisation and reskilling of the workforce, improving staff productivity, and redeployment of the workforce from admin offices to sales roles”.
He added, ” the measure is expected to save Rs 1,000 crore through cost optimisation and will be a key component of SBI’s business continuity during the challenging times of coronavirus”.
According to Kumar, the bank will maintain both the asset quality and a constant vigil on the emerging stress and take proactive action to help its borrower customers. He added that the bank is well prepared to vanquish the emerging challenges. The State Bank of India has initiated monitoring of all the projects under implementation and it expects to soon overcome the Covid-19 impact in the short to medium term.