HDFC Bank Managing Director and Chief Executive Officer Aditya Puri has assured employees of the country's largest private sector lender that their jobs and bonuses are secure. Even as the COVID-19 pandemic rages on, Puri, who retires later this month, said the bank is doing well, has sufficient capital and does not have any strain in the loans that it has made. He also hinted that the bank may post a strong set of quarterly numbers in the recently ended July-September period and quarters ahead as well.
The COVID-19 pandemic has resulted in job losses, especially in the organised sectors, as businesses suffered due to economic activity coming to a halt in lockdowns. HDFC Bank and its private sector competitors have met hikes and bonuses commitments since the start of the pandemic. "Not only are your jobs secure, your increment is also secure. Your bonus and your promotion are secure," Puri told over 1.15 lakh employees of the bank, in a video message last week.
Puri, who has led the bank for over 25 years since its inception, said he is giving the assurance on behalf of the management team including his successor Sashidhar Jagdishan. "The bank is doing well. We have all the capital that we need. Our portfolio is not under strain. We are aggressively using our distribution and technology advantage," he said.
He urged employees to work as a team, follow the vision the lender has set out for itself and beat competition. Puri was speaking ahead of the launch of festive offers by the lender in its second edition. Competing banks have also launched similar aggressive offerings, eyeing larger share of transactions amid slowing consumption.
He said the bank has not accepted defeat in the face of the coronavirus outbreak and delivered good results for two quarters, and added that projections for the upcoming quarters also say the same. Asking the employees to share messages about the festive offers on their social media handles and promised a 10-minute video chat with the employee securing the highest number of 'likes' on a post.