MONEY

Amid COVID-19 surge, banks to slash business hours and cut staff attendance to 50%

With Coronavirus infections crossing 3,00,000 a day, banks have decided to shorten branch hours and cut staff attendance to 50 per cent. The decision was taken by the Indian Banks’ Association (IBA) in a meeting on Wednesday, and the standard operating procedures (SOPs) have been communicated to banks in the wake of the second wave of the COVID-19 pandemic. The IBA has also observed that the infection rate among bankers is “alarming”. 


Bank branches in the country will now work from 10 am to 2 pm, the body representing the country’s banks said in a communication to the lenders on Wednesday. The four mandatory functions that will be provided by the banks are accepting deposits, cash withdrawals, remittance and government businesses. 


“Considering the fact that there is no nationwide lockdown this time and States are issuing relevant guidelines depending on the gravity of the situation in respective States, the MC (managing committee of IBA) has advised that the State Level Bankers’ Committees could modify the SOPs as per the prevailing situation and needs in respective States,” the IBA’s letter to the lenders has said. 


The SOPs mandate that employees can be called on rotational basis or be allowed to work from home, as the case may be depending on the nature of job. “Ideally 50 per cent of the employees may be called for in person duty and on rotation basis,” the IBA has said, adding that it has also urged employees to take vaccination for themselves as well as for family members. 


The IBA’s directions come after the bank employees’ unions had written a letter earlier this month requesting fresh SOPs in the wake of a surge in daily infections. Last year, the pandemic had claimed lives of 600 bankers, and data compiled by the IBA showed that the percentage of death in the banking industry was higher in comparison to that of the entire country. 

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