India's biggest private lenders have shed more than 7,700 jobs in the last financial year as automation, artificial intelligence and digital infrastructure investments begin to pay-off and reduce reliance on routine operational roles, signalling a structural shift in the banking workforce.
The shift, visible across lenders including HDFC Bank, Axis Bank and Kotak Mahindra Bank, marks a departure from the industry's long-held strategy of expanding workforce in tandem with business growth. Instead, banks are increasingly relying on technology to handle routine operations while directing human resources towards sales, relationship management and advisory services.
