New Delhi: HDFC Bank CEO and CEO Aditya Puri has assured employees of the nation’s largest private sector lender that their jobs and bonuses are safe.
Even as the COVID-19 pandemic continues, Puri, who will be retiring later this month, said the bank is doing well, has enough capital, and has no stress on the loans it has made. He also hinted that the bank could release a strong set of quarterly numbers in the recently ended July-September period and also in the coming quarters.
The COVID-19 pandemic has led to job losses, especially in organized sectors, as companies suffered due to the stoppage of economic activity at closures. HDFC Bank and its private sector competitors have followed through on raise and bonus commitments since the onset of the pandemic.
“Not only are your jobs safe, your increase is safe. Your bonus and promotion are safe,” Puri told more than 1.15 billion bank employees in a video message last week.
Puri, who has run the bank for more than 25 years since its inception, said he is providing the guarantee on behalf of the management team, including his successor Sashidhar Jagdishan.
“The bank is doing well. We have all the capital we need. Our portfolio is not under pressure. We are aggressively using our technology and distribution advantage,” he said.
He urged employees to work as a team, follow the vision the lender has set for himself, and beat the competition.
Puri spoke ahead of the lender’s launch of holiday deals in its second edition.
Competing banks have also launched similar aggressive offers, seeking a higher share of transactions amid a slowdown in consumption.
He said the bank has not accepted defeat to the coronavirus outbreak and delivered good results for two quarters, adding that the projections for the next few quarters also say the same.
Asking employees to share messages about holiday deals on their social media, and promising a 10 minute video chat with the employee to get the most likes on a post.
The nation’s third-largest private lender, Axis Bank, also offered salary increases to its staff even as the coronavirus pandemic threatens its earnings growth.
Axis Bank Ltd. will increase staff salaries between 4% and 12% beginning October 1 based on performance, according to people with knowledge of the plans. The Mumbai-based lender, which has about 76,000 employees, also paid bonuses to its staff, said the people, who asked not to be identified because the matter is private, Bloomberg reported.
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