British banking major Standard Chartered is reportedly planning to lay off up to 200 employees across its retail banking division in India.
The bank will slash its workforce as most of its customers are moving online to conduct routine banking transactions, Bloomberg reported citing people familiar with the matter.
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The report comes barely two days after it was reported that Standard Chartered is planning slash its workforce in the UAE due to similar reasons.
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The lay-offs will largely include staff involved in branch banking operations including cash tellers and other positions.
A Standard Chartered spokesperson told Bloomberg: “With enhanced digital capabilities, we are seeing a significant increase in adoption of digital channels by our Retail Banking customers, primarily through the Net and Mobile banking.
“As a result of this transition, a small number of Retail Banking roles have fallen away.”
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By GlobalDataThe spokesperson added that currently the bank is negotiating with the employees on separation packages.
Since the last year, the bank was witnessed a surge in online customers after it bolstered its digital banking offerings, told one of the sources to Bloomberg.
Around 85% bank’s payment transactions and more than 80% customer on-boarding process is conducted through online.
Currently, Standard Chartered Bank employs around 7,300 people in India. Though the bank has reduced its workforce, the number of branches in the country remains unchanged.
