New Delhi: Cost cutting can be done in different ways and private bank ICICI is now coming up with innovative ways to do so. The bank will keep its branches open for nine hours instead of its 12 hours schedule.
This will be effective from December 1. Branches will be open for business from 0900 hours IST to 1800 hours IST. Earlier, ICICI was open from 0800 hours IST to 2000 hours IST. The bank has 1,450 branches.
The bank said in a statement: Tremendous increase in online banking has reduced dependability on physical branches. We are reducing on work hours as not many people are coming in during early and late hours to the branches. Revised timings are meant to increase more productivity amongst the bank employees and cost cutting is an implied outcome.
In a notice near its automated teller machines, the bank has informed about the change in timing of the branches.
ICICI Bank shares ended at Rs 434.35 on the National Stock Exchange, down 8 per cent from Monday.
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