ICICI to cut down timings of some branches to 9 hours

ICICI Bank will cut down on timing of some branch operations to nine hours from 12 hours earlier in an effort to improve productivity.

From December 1, many of its branches will be open from 9 am to 6 pm rather than from 8 am to 8 pm.

“We have been watching the customer traffic in our branches for the last two years. We realised that in some branches, it made sense to run from 9 am to 6 pm, some from 10 am to 6 pm and so on depending on customer traffic, location of the branch and the kind of branch like SMEs (small and medium enterprises),” said K Ramkumar, head of the human resource department, ICICI Bank.

The bank has 1,450 branches and all of its branches are open from 8 am to 8 pm as of now.

“When we had decided to keep all the branches open eight-to-eight, we had assumed it was the customers’ preference. But now we have analysed and realised it will be more productive in terms of time, space, and employee,” Ramkumar said.

He emphasised that this was not a part of any downsizing plan by the bank and in fact, the bank is still recruiting from management institutes.

In a notice near its automated teller machines, the bank has informed about the change in timing of the branches. “It will also give me a cost advantage. But surely, this was not done with the motive of cutting cost only,” he said.

Approximately, around 700 branches will now be open 8 am to 8 pm, around 500 branches will be 9 am to 6 pm.

Around 200 branches located in hinterland and remote areas will be open from 10 am to 2 pm or 10 am to 4 pm.

“Wherever the branch is not open eight-to-eight, we will create a hub branch within 2-3 km from that branch which will be open from eight-to-eight,” Ramkumar said.

ICICI Bank shares ended at Rs 434.35 on the National Stock Exchange, down 8 per cent from Monday.