Mumbai: Country’s largest public sector lender State Bank of India may go for jobs cut after its five associate banks are merged with it.
The five banks — State bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Mysore, State Bank of Travancore, State Bank of Hyderabad — roughly employ around 70,000 people.
A report on India TV attributed the job cut to attrition, less number of people being considered for hiring and above all the digitisation that has rekindled use of automation.
“We have offered voluntary retirement scheme (VRS), there would be natural attritions and every year we may not replace head by head (replacement recruitment). Manpower will also reduce as a result of digital initiatives. There will be a combined effect,” India TV quoted Rajnish Kumar, SBI Managing Director, as saying.
