Australian bank Westpac has said it was contemplating moving 300 jobs to India and denied it was offshoring call centres to Bangalore.

Westpac may move 300 positions from its personal loans division to India but is still reviewing a number of issues, bank's spokesman David Lording said.

He denied reports that the company was going to move 500 call centre jobs to Bangalore.

"We have no call centres in India and we have no plans to move call centres offshore," he said.

Meanwhile, ANZ on Tuesday threatened to take legal action against a newspaper over claims that the bank operates a call centre in India for Australian customers and asserted its offshoring operations were aimed at tapping into the Indian talent pool of highly qualified IT professionals rather than saving labour costs.

The bank said all Australian customer records were held securely onshore and would remain so.

"ANZ is pursuing the matter through legal channels," it said in statement.

The bank has a policy, in place since last year, that all call centres for Australian customers will stay in the country, ANZ chief executive John McFarlane said.

The spokesman said the bank had a technology centre in Bangalore, which operated under the same privacy standards as the bank's Australian operation.

ANZ's IT staff was equally split between India, Australia and New Zealand as it wanted to tap into the Indian talent pool of highly qualified IT professionals rather than save on labour costs.