Federal Bank sees difficult start to FY21, followed by vigorous catching up

Mumbai, Apr 3 () South-based lender Federal Bank expects a few difficult months in the beginning of FY21 and a "vigorous catch-up" later, its Chief Executive Shyam Srinivasan said on Friday.

In a letter to the bank's 12,000 staffers, Srinivasan also made it clear that the new world post the Covid-19 crisis will be different from what people are used to.

"The first few months (Q-1?) may be a softer start and then a vigorous catch-up in the remaining quarters (this year). We should be nimble to readjust as the situation evolves," Srinivasan wrote.

He also asked staffers to hold on to a host of virtues, including good habits on personal hygiene, good business practices, relationships with the society and family, and learning abilities developed during the lockdown.

"We have to resolve to build extreme resilience as an institution and as life gets back to a new order (hopefully not too long from now), work hard at reimagining how we work and live," he said.

Srinivasan made it clear that while the new world will be different, a newer way of thinking and working will be a pre-requisite to win in the changed circumstances. AA ABMABM