Page 31 - Banking Finance September 2020

ARTICLE

difficulties to apprise the business proposal amid all negative employees to adopt the changes in system and procedures.
waves because of the Covid 19 pandemic, but the trust &
support from the government side will support the decision- The way Forward-Businesses need to be fitter than earlier
making capabilities of the bankers. to survive in tough situations. Businesses need to follow a
well-defined strategy which includes-
We know that this phase is critical for banking as well. They Y An immunity checks to identify the core & inner strength
have to adopt new ways of working for ensuring the safety of the business.
of the employees, help the business and pass the benefits Y To transform the business model that is feasible to the
as announced by the government and the RBI and also their
current scenario of Covid 19.
own business continuity. They have to emerge stronger than
earlier with the transformation in their system & procedure Y Adaptation of the digital infrastructure and automation.
with the help of technology and automation. The good thing Y Review the business continuation policy & procedure.
is that the Indian banking industry is already on the path of Y Take support for the Government and RBI initiatives.
transformation because of the government push towards
Y Design the framework for the well-being of the
cashless economy and the various government measures
employees.
including PCA framework, EASE reforms, Merger and
Amalgamation of the public sector banks and the capital Y Approach the customer base by various digital means.
infusion in the banks. Y Maintaining the healthy relationship with business
partners.
Amidst the challenges and opportunities, the banking
industry in India is performing its role as an immunity booster Y Inspiring & motivating the workforce to adopt the
for individuals, for society, for business and economy and changes.
also for nation.
Conclusion
Business Continuity plan The strategy time is almost over, the Unlocks-1 has been

Amidst all turbulence in the environment one thing is certain announced in India and it the time to implement the
"The business must go on". It has to be continued for strategies. As in the slack time, we sharpen our axe to use
survival. The novel coronavirus pandemic has compelled it later, now businesses have to start their transformational
business to think over the strategy and plan for revival. It journey after lockdown is over.
includes preventive measures to reduce the impact of
disaster. The focus should be to bring the business back to Those who are fit enough will survive & grow, those who
normalcy with least delay and cost. It requires continues are not, need to increase their immunity to save themselves
immunity check and immunity boosters at regular intervals for such type of pandemics in future. It is not only applicable
when needed. Now businesses are reviewing whether their in businesses and organizations it is applicable to economies
strategies remain fit in this situation or they need correction as well. The inner strength of the economy, the immunity
in their course of action pertaining to technological booster by the government and the central bank plays the
advancement, customer handling and employee behaviour key role.
and supply chain resilience.
One thing is certain the Indian economy has a sufficient
The business and organisation need to prepare a sustainable immunity to fight against situation that aroused due to
plan which includes minimal disruption in the service, safety coronavirus pandemic and the Government & RBI are
& well-being of employees and supply chain & delivery leaving no room to provide the boosters. Our domestic
infrastructure. The cyber security standard is another demand is our strength, our young population is our
important area because of the shift towards the digital strength, our agriculture, our forest is our strength, and our
platform. Among all these factors, inspiring & motivating well regulated financial sector is our strength. With these
the employees is another important aspect because in this immunity boosters our businesses will be fit and will survive.
changing business environment it is very important for the Our economy will grow, our nation will flourish. T

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