India’s Top 10 Private Banks Reduce Workforce by 10,114 in FY26 Amid Slower Hiring

India’s 10 largest private banks cut 10,114 jobs in FY26, taking their combined workforce to 739,452 as of March 31, 2026. The figures are based on The Economic Times news report citing employee numbers reported in the banks’ annual reports. 

The group had reduced its workforce by 9,637 employees in FY25 as well. This is a change from FY24, when the 10 banks added 83,645 employees. Their combined workforce is now 2.6% below the 759,203 recorded two years earlier. 

Large Lenders See Biggest Cuts 

The four largest private banks accounted for a combined headcount reduction of 14,364 employees in FY26. ICICI Bank recorded the biggest fall at 6,633 employees, followed by HDFC Bank at 3,346, Axis Bank at 3,116 and Kotak Mahindra Bank at 1,269. 

Headcount increased at five other banks. Federal Bank added 1,570 employees, IndusInd Bank 1,491, Yes Bank 904, IDFC First Bank 869 and Bandhan Bank 365. RBL Bank reduced its workforce by 949. 

Recruitment Falls 

Hiring has also slowed at some major banks. HDFC Bank recruited 45,902 employees in FY26, almost half of the 89,115 employees it hired in FY24. Kotak Mahindra Bank’s permanent employee hiring fell to about 18,927 from 31,686 in FY23. 

Attrition remained high during the year. The rate stood at 23.1% at HDFC Bank, 15.6% at ICICI Bank, 22.4% at Axis Bank and 32.5% at Kotak Mahindra Bank. 

AI and Automation 

The fall in headcount came even as the four largest banks added about 1,289 branches and business centres in FY26. Banks are using technology for several routine activities. 

Axis Bank’s AI-powered employee assistant supports more than 84,000 employees and resolves over 81% of branch queries. ICICI Bank has deployed more than 100 autonomous bots, while Federal Bank has automated over 385 processes. 

Read More: IRCTC Seizes Over 8,000 Unapproved Water Bottles and Food Items from Trains to Ensure Passenger Safety! 

Conclusion 

The 10 largest private banks reported another fall in employee numbers in FY26. At the same time, recruitment declined and automation increased across banking operations. 

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