As per Financial Express, HDFC Bank, a prominent Indian banking and financial services institution, has reduced it from 90 days to 30 days.
Notice period reduced from 90 to 30 days for departing employees, aiming for increased flexibility while ensuring smooth transitions. HDFC Bank employees were informed of the change in the HR policy by email on May 6, according to the FX report.
This strategic adjustment signifies the bank’s proactive approach to enhancing operational efficiency and accommodating evolving workforce dynamics.
By shortening the notice period, HDFC Bank aims to foster agility within its organizational structure while ensuring that employee transitions are smoother and more responsive to market changes.
This move underscores the bank’s commitment to fostering a supportive and adaptable work environment in alignment with industry best practices.
Overall reducing notice periods can contribute to a more agile, responsive, and employee-centric organizational culture.
Moreover, the report also suggested that employees in their probationary period will have a 30-day notice period. Additionally, the employees may be released in less than 30 days upon approval from their reporting manager.
However, the bank has not officially announced the change in the Notice Period.
HDFC Bank follows ICICI Bank in reducing notice period to 30 days from 90. Kotak Mahindra Bank retains 90 days, as do public sector banks like SBI, PNB, and Bank of Baroda.
In April, HDFC Bank opened a branch at Kavaratti Island in the Union Territory of Lakshadweep. This makes it the only private-sector bank to have a branch in the Union Territory.
As of March 31, 2024, the Bank’s distribution network was at 8,738 branches and 20,938 ATMs across 4,065 cities/towns as against 7,821 branches and 19,727 ATMs across 3,811 cities/towns as of March 31, 2023. 52% of our branches are in semi-urban and rural areas.
In addition, the company has 15,182 business correspondents which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,13,527 as of March 31, 2024 (as against 1,73,222 as of March 31, 2023).
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