Indian Bank Stops Senior Employees From Organising Conclaves and Seminars till March 31

Indian Bank, in an internal circular released on January 5, barred its senior employees from conducting felicitation functions, seminars, or business conclaves till March 31. 

"It is directed by the top management that no level campaigns with any of our channel partners are to be conducted till March 31, 2023. All focus to be diverted on business parameters of the bank," said the internal circular. 

"It is directed by the top management that no local training programmes be conducted/attended of channel partners by any of our filed personnel till March 31, 2024."

As per Moneycontrol, the circular released by the bank management did not go into the reasons for the move. 

This comes after the State Bank of India (SBI) released a similar circular on January 2, barring its employees from conducting felicitation functions, business conclaves, or seminars till March 31, 2024. 

As per Moneycontrol, Indian Bank recorded a net profit increase of 62% in the July-September quarter due to "retail loan growth and a fall in provisions even as other income growth was tepid due to a fall in foreign exchange fees." The net profit of Indian Bank increased from Rs 1,225 crore in September 2022 to Rs 1,988 crore in September 2023. 

Additionally, total advances of Indian Bank also rose by around 12%, "primarily driven by a 14% surge in retail loans and a 16% growth in agriculture advances."