Yak World Sector Banks Unopen 35 Overseas Branches : 69 To A Greater Extent Than Offices To Close

As component subdivision of the Clean as well as Responsible banking initiative, the Indian authorities has ordered the closing of 35 overseas branches of public sector banks (PSBs), equally the purpose of PSBs inwards the country's banking fraud continues to rest nether spotlight. Meanwhile, equally many 69 international branches of PSU banks as well as their unusual offices, arms as well as JVs are beingness examined for closure. This deed came subsequently over Rs 11,000 crore Punjab National Bank (PNB) scam.

Foreign branches of populace sector banks similar State Bank of Bharat and Allahabad Bank provided loans to Nirav Modi-promoted companies against fraudulent Letters of Undertaking (LoUs) issued past times the PNB’s Brady House branch inwards Mumbai.

According to sources, Bank of India, Andhra Bank, IDBI Bank and Indian Overseas Bank have already closed downwardly Dubai operations, spell Punjab National Bank, Canara Bank and Union Bank of Bharat have closed Shanghai offices. Bank of Bharat has also closed downwardly operations inwards Yangoon as well as Bostwana, spell Bank of Baroda as well as Indian Overseas Bank bring closed Hong Kong branch.

The authorities is planning to closed all the non-viable operations overseas for toll efficiency as well as synergy. Influenza A virus subtype H5N1 commission headed past times four-five bankers had recommended closing the international branches which are depression on profitability.

As on Jan 31, 2018, populace sector banks had most 165 overseas branches, likewise subsidiaries, articulation ventures as well as illustration offices.

Note : India's largest lender State Bank of Bharat has the largest number of overseas branches (52) followed past times Bank of Baroda (50) as well as Bank of Bharat (29).

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