Indian banks shift West Asia staff back home

Synopsis

Indian banks are taking steps to ensure the safety of their staff in West Asia. Some banks have already moved operations to India to manage wholesale activities remotely. This comes after the government advised banks to assess risks and provide support. The situation in the region is being closely monitored, with a focus on business continuity and staff well-being.

New Delhi | Mumbai: The Centre has asked banks to assess the safety of their West Asia staff and identify any additional support needed. Some banks have already activated business continuity plans (BCPs) from India to run wholesale operations remotely.

Indian banks have branches in the UAE, Oman & Qatar.

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PNB’s managing director Ashok Chandra told ET that the bank shifted officials from DIFC Dubai after obtaining approval from the local regulator.

“My entire team is working from the Delhi office, and they are perfectly aligned with their business, and whatever activity they have been doing from the Dubai office, they are able to do from this setup we have created here,” Chandra said.

A government official, who declined to be named, said that it is for the banks to take a decision on whether to ask their staff to work remotely or stay put in the region.

“We have offered them full support, including through the ministry of external affairs, in case of any exigencies,” said the official.

A review was also held last month in wake of improvement in the situation, including the ceasefire.

These discussions are held within a crisis management group set up by the government to deal with exigencies, including strikes lasting three days or more, and to strengthen banks’ standard operating procedures (SOPs) for ensuring business continuity.

A bank executive said in March the government had first highlighted this issue, and subsequently most lenders immediately recalled their employees. For this, banks invoked their BCP to recall employees. “The BCP is typically invoked in war- or pandemic-like situations, where personnel are called back from their assigned locations and shifted to alternate locations to continue operations,” he said.

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Another senior bank executive said some countries like the United Arab Emirates have assured them about the safety of their staff and requested to restart operations as confidence-building measures. “Some banks have partially resumed while waiting for the situation to improve,” he added.

Earlier this week, Prime Minister Narendra Modi had strongly condemned the attacks on the UAE that resulted in injuries to three Indian nationals. “Targeting civilians and infrastructure is unacceptable. India stands in firm solidarity with the UAE and reiterates its support for the peaceful resolution of all issues through dialogue and diplomacy,” he posted on X, adding that ensuring safe and unimpeded navigation through the Strait of Hormuz is vital for enduring regional peace, stability and global energy security.

On Wednesday, US President Donald Trump said that a deal with Iran to end the war was “very possible” after “very good talks” over the past 24 hours.