India's top private banks automate tasks, cut jobs, open branches

Business Jul 16, 2026

Big changes are happening at India's top private banks: HDFC, Axis, and Kotak Mahindra.

As they automate routine tasks like opening accounts and processing loans, thousands of jobs are being cut.

Still, these banks aren't going fully digital; they're actually opening more branches to blend technology with in-person banking.

Reskilling becomes key amid automation

HDFC Bank reduced 3,343 employees in FY26 (year ended March 2026) and added 234 branches.

Axis Bank trimmed 3,153 jobs and had about 101,300 employees in FY26 (as of March-end 2026), with a high attrition rate above 22%.

Kotak Mahindra cut 1,269 jobs but opened 128 more branches.

With reports saying up to 40% of banking tasks could be automated by AI, reskilling is becoming key for anyone working in the industry.