Global banks in India have been forced to take drastic action to secure healthcare supplies and protect employees as the second coronavirus wave sparks an unprecedented infection rate.

India is facing critically trying times as the second coronavirus wave has led to at least 300,000 infections and 2,000 deaths per day over the past week. 

The nationwide crisis has impacted all sectors of the economy including global banks which house thousands of employees, most notably for back office roles in hubs like Bengaluru, Chennai or Hyderabad.

Remote Working

Numerous banks have reportedly adopted the basic measure of allowing remote working conditions.

Goldman Sachs sent all but essential employees home in late March after the recent surge in infections led the bank to reverse its decision to resume normal working conditions. 

Fellow American lender Wells Fargo has also implemented remote working measures until at least early September, according to a «Reuters» report.  

Oxygen Shortage

The current predicament is also overwhelming healthcare supplies – most notably oxygen – though the Narendra Modi government has been actively seeking support including from the industrialists to divert their usage and production efforts to combat the second wave. 

Standard Chartered is one such firm looking for oxygen concentrators to support its staff with chief financial officer Andy Halford admitting to at least 800 cases and «some deaths» amongst its total staff of 20,000 in India, according to a «Bloomberg» report.

In light of the challenges, the British lender is also looking to transfer work away from India to service centers in Kuala Lumpur, Tianjian and Warsaw. 

Vaccination Plans

Moving forward, numerous firms including global banks will look to rely on vaccination to overcome the latest coronavirus wave.

Infrastructure is being established to vaccinate thousands of employees and their families after age restrictions are lifted on May 1.

«We are actively out there seeing what we can do make vaccines more available, and particularly offer more locations where staff can get it,» said Standard Chartered’s Halford.