India's private banks cut over 7,700 jobs amid AI shift
Big news in banking: India's top private banks let go of more than 7,700 employees in fiscal 2026, thanks to automation and AI making routine tasks like account servicing and transaction processing much faster.
Instead of handling paperwork, staff are now focusing more on sales, advisory services, and building customer relationships.
HDFC's Neev shifts staff to advisory
HDFC Bank led the way by cutting 3,343 jobs, with CEO Sashidhar Jagdishan highlighting how its AI platform Neev is helping shift employees toward customer-focused roles.
Axis Bank trimmed more than 3,100 positions, even while opening 400 new branches, showing just how much tech is boosting productivity.
Kotak Mahindra Bank reduced its staff by 1,269. Overall, these changes signal that banking careers are moving toward tech-savvy and advisory roles rather than old-school desk jobs.