Standard Chartered PLC has axed 200 positions within its Indian operations, primarily in the retail segment, the Press Trust of India reported Dec. 13, citing sources.

Following the move, the U.K.-headquartered bank's headcount in the South Asian country dropped to 7,300 employees.

A bank spokesperson confirmed the move when contacted by the news outlet.

The downsizing follows the increasing adoption of digital banking alternatives, especially in retail banking, where the need for manned operations has declined.

The lender was recently reported to be planning to undertake job cuts in Dubai and Singapore.