More than a week after Prime Minister Narendra Modi’s appeal to citizens and companies to adopt work-from-home and online meetings to save fuel, many banks have announced remote work or hybrid work arrangements. Besides this, the Finance Ministry also requested public sector banks and financial institutions to adopt austerity measures and shift to electric vehicles (EVs).
HDFC Bank
India’s largest private sector lender has announced a work-from-home arrangement of up to two days a week for employees in Business Enabling Functions and Corporate Enabling Functions. The arrangement takes effect immediately and will remain in place for the next 30 days, after which it will be reviewed.
The bank said all branches and customer-facing touchpoints will continue to function as usual. The arrangement will apply to Business Enabling Functions, including treasury operations, credit underwriting and risk, transaction banking, digital banking, and IT services.
It will also cover Corporate Enabling Functions such as human resources, finance and accounts, legal and compliance, and secretarial and board functions, among others.
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IndusInd Bank
In Early May, the private-sector lender rolled out a hybrid work policy for all its employees, barring those involved in branch banking functions, such as tellers, branch managers, and other customer-facing roles. “These functions cannot be compromised upon as a bank,” the bank’s CHRO Amitabh Kumar Singh told Fortune India.
The bank already ran a pilot project with its employees in January this year, allowing them to work from home 1-2 days a week. Singh told the publication that most employees spent less time commuting to work and more time with their family and were able to take care of their health.
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Axis Bank
The private sector bank has had a hybrid work culture in place for roles that do not involve customer-facing since FY21. Those working in these roles are required to come to the office two days a week.
What about SBI, Bank of Baroda, and LIC employees?
In the case of the public sector banks, the Centre has not announced a mandatory work-from-home policy, though it has issued an austerity mandate. The Department of Financial Services (DFS) issued strict directives to major PSU banks and state-run financial institutions such as the State Bank of India, Bank of Baroda, and Life Insurance Corporation (LIC).
They have been directed to shift all operational consultations, internal reviews, and large conferences entirely to video conferencing. PSU banks and insurers have also been instructed to limit unnecessary domestic and international travel for top-tier executives, including CMDs, MDs and CEOs.
The government has also directed the PSBs and state-run insurers to speed up the replacement of hired petrol and diesel vehicles at head offices and local branches with EVs.
