Yes Bank reduces notice period to 30 days

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The new rule has come into effect from November 1, 2017.

Yes Bank has reduced the notice period for its employees across levels to 30 days.

The private -sector bank informed all employees — from junior to mid-level to senior— through an e-mail that the reduced notice period of 30 days will be effective from November 1, 2017.

According to CNBC-TV 18, Yes Bank has one of the lowest cost-to-income ratios among private banks, and the reduction in notice period was a measure to bring down the cost.

The move is seen as the effect of growing digitisation and Internet banking.

In September, Yes Bank had reduced its staff by 10 per cent, which comes to around 2500 employees. According to the Bank, these are performance-linked actions taken on a periodic basis to improve efficiency and productivity.

CNBC-TV18 reports that in addition to the layoff, the Bank has also been facing resignations from mid- and senior- level employees for the same reason.

 

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