India's largest foreign bank, Standard Chartered has laid off over 200 employees in the country due to the adaption of digital banking by retail customers, people familiar with the matter told CNBC-TV18.
However, the bank confirmed that they haven't shut any branches in India.
"Retail Banking in India is core to the bank’s strategic ambitions and growth plans. We have been working on multiple initiatives, including digitisation, to drive performance. 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," the bank said in a statement to CNBC-TV18.
As a result of this transition, a small number of retail banking roles have fallen away, the bank said, adding that they are working closely with these employees and relevant parties on existing opportunities and fair separation packages, as well as offering outplacement services.
Earlier this week, Reuters reported that Standard Chartered is cutting jobs in its retail bank in the United Arab Emirates, in part as more customers move to digital services.
In November, various media reports suggested that the London-based bank is looking for ways to free up liquidity and reduce funding expenses within its different legal entities.
First Published: IST