Mumbai Hiring Trends in Indian Banks: Technology’s Impact on Workforce
Hiring activity in Indian banks has slowed due to increased technology adoption, automation, and AI efficiencies, leading to reduced headcount needs. While HDFC Bank experienced a slight employee increase with 5,000 new hires, both Axis Bank and Kotak Mahindra Bank reported declines. HDFC’s workforce rose to 215,000, but net additions in 2024-25 plummeted to 994 compared to over 40,000 in previous years. Similarly, ICICI Bank’s headcount fell to 130,957, alongside a reduction in branch openings. State Bank of India and Axis Bank also noted significant hiring declines. Bank executives attribute this trend to enhanced productivity from technology investments, resulting in more efficient workforce utilization. The focus has shifted toward roles in technology, analytics, and compliance rather than mass hiring. As banks embrace digital onboarding and automated services, the industry is witnessing a transformation in workforce strategies, emphasizing selective hiring aligned with operational efficiency.
