Up to 8,000 jobs could be at risk as Lloyds TSB, one of the UK's biggest High Street banks, plans to follow other companies by moving some backroom operations to India, reports say.

According to the Financial Mail on Sunday, the bank is looking to save money by shifting some technology and administrative functions to India, or alternatively to South Africa or China.

Its insurance arm has fallen heavily this year thanks to plunging world stock markets, the paper says, meaning cost savings are urgently needed.

If the plan goes ahead - and Lloyds said it was in the "very, very early stages" - the 8,000 workers in Lloyds' call centres could be at risk, unions say.

Outsourcing

Should it decide to transplant its back-office operations to India, Lloyds would be following in the footsteps of numerous household names.

British Airways has for some years used Indian companies to process its ticketing, making the switch to exploit much lower wages and a burgeoning high-tech industry.

Some parts of India - particularly the so-called "Bangalore corridor" in the south - have well-respected communications infrastructure, which enables Western companies simply to integrate them into existing IT networks.

Others who have chosen the same route include healthcare provider Bupa and retailer GUS, as well as other banks including HSBC and Barclays.