Country's second biggest private lender HDFC Bank has rationalised its staff by 4,581 employees in a single quarter courtesy efficiencies in the system and lower hiring. In an e-mailed response, the country's most valuable bank sought to de-link the reduction in employees from any other factor but efficiencies and lower hiring. The Indian banking industry has an attrition rate of 16-22% every year, while for HDFC Bank the same is at 18-20%. As compared to the year-ago period, the bank's employee count increased by 5,802 over the 84,619 people in December 2015. The employee costs have, however, increased to Rs 1,688.63 crore from Rs 1,657.21 crore in the preceding quarter.

Source: dna January 26, 2017 12:23 UTC