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There will be no job cuts, says SBI

State Bank of India, the country's largest commercial bank, said on Tuesday that any redundancies caused by a proposed technology upgrade would not lead to job cuts.

"Those staff who will become redundant will be reskilled and retrained. The technology project will create tremendous opportunities for growth and we need large manpower," chairman Janki Ballabh told Reuters. "There will be no job cuts."

When asked on Monday about weekend media reports that the bank planned to offer up to 40 per cent of its staff early separation packages, Ballabh had said any "job losses are not going to happen in the next six months."

State-run SBI, which accounts for a fifth of the Indian banking industry in terms of both deposits and loans, has nearly 200,000 employees at its 9,000 branches.

It plans to link a third of its sprawling branch network with computers. The technology project is expected to be completed in two to three years.

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