State Bank of India will adopt work from home (WFH) a norm which will save the company around Rs 1000 crore a year. The bank’s chairman Rajnish Kumar said the bank will adopt a WFA, or work from anywhere strategy, which he said will help the bank cut costs and ensure business continuity in the days of disruption caused by the coronavirus. He said the pandemic has not impacted the bank and it is in a good position to manage coronavirus-related challenges as it has a strong franchise and has fully provided for legacy toxic loans. Addressing shareholders at the bank’s 65th annual general meeting via video conferencing, he emphasized that the bank is focussed on reskilling of workforce and improvement of staff productivity, and redeployment of the workforce from administration to sales roles. Rajnish Kumar also mentioned that the strong liability franchise with a customer base of over 44 crore, a diversified loan portfolio and digital banking channels will help the bank to combat the covid crisis with resilience
