India's digital push has got its timing all wrong.
Yes Bank Ltd., one of the nation's fastest-growing lenders, has cut 12 per cent of its workforce, mostly salespeople. When Reliance Industries Ltd., controlled by billionaire Mukesh Ambani, starts a new bank soon, it won't have any branches. According to BloombergQuint, shop attendants that sell its phones will double as bankers. It makes sense, since the Jio Payments Bank will largely exist online anyway.