HSBC is to shutter half of its branches in India as part of an ongoing global initiative to shift more business to digital channels.
The UK-registered bank says it will close 24 of its 50 branches in the sub-continent and instead rely on online and mobile channels to expand its customer base.
The move reflects the digital lifestyles of the urban affluent consumers the bank is seeking to attract. HSBC says the branches to be closed account for less than 10% of its Indian customer base.
Up to twelve percent of the bank's branches globally are set to be abolished under a three-year restructuring plan announced last year.
Earlier this week, the bank moved to cut 850 IT jobs in its UK business, shifting the positions to cheaper offshore locations in India, China and Poland.