Bank of Baroda likely to take THIS big decision for employees - Details here

Public sector lender Bank of Baroda is the first PSU to consider making work-from-home (WFH) a permanent policy for a section of its employees. The state-owned lender has also appointed management consultancy firm McKinsey & Co to help implement a strategy for a post-Covid world.

Explaining the terms of reference for the appointment of the consultancy firm, BoB's MC and CEO Sanjiv Chadha said that it was to direct how the bank can stay ahead of the curve in a changed world post the pandemic.

"It included things like, if we had our staff working from home, or if they were working from a hybrid environment where they would come to the office for one or two days, how do we implement that? How can we leverage staff resources better, give them flexibility and also open ourselves for hiring talent, which might be there but not available for full-time employment?" Chadha was quoted by The Times of India.

He said that the number of customers coming to the branch had reduced and it has become one of the habits of the people. He also said that the bank should be prepared for a world where customers do not have to come to the branch and instead focus on the customer's outlet. The number of branches of the bank is 25,000.

The Bank reported a net profit of Rs 1,061 crore for the third quarter of FY21.

The bank had posted a net loss of Rs 1,407 crore during the corresponding period of the previous fiscal.

On a consolidated basis, the net profit is at Rs 1,196 crore.

"Operating profit for Q3FY`21 is Rs 5,591 crore registering an increase of 12.77 percent YoY and 0.70 percent QoQ," the bank said in a statement.