Corona wreaks havoc on Banking sectors as well, this bank goes on salary cuts


NEW DELHI : This Covid-19 has put the entire world in an economic crisis. Many companies have drowned, some companies had their employees’ salary cut, some had to fire their employees so as to survive in the market. The same effect is seen in the banking sector.

After Kotak Mahindra bank, IDFC bank, now the second-largest private sector bank has announced a pay cut in the wages of the employees. Salary cuts may have been announced because of the impact of the virus. “The bank has taken this decision of salary cut keeping in mind the future of the bank and employees. There will be a 30% salary cut”, said  V Vaidyanath, managing director and chief executive officer of IDFC bank

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