Business

PSBs to either shut or rationalise 69 unviable overseas branches

New Delhi, Jan 6 (Agencies) | Publish Date: 1/6/2019 11:36:42 AM IST

Rationalisation of overseas banking operations will continue this year as public sector banks (PSB) are working on either shutting or rationalising about 69 overseas operations in the coming months to drive cost efficiency, PTI reported.

Planned rationalisation of operations and examination of a total of 216 overseas operations of PSBs was undertaken last year, said sources quoted by PTI. Out of that, as many as 35 overseas operations were shut and 69 are under process or being considered for rationalisation, sources said.

While unviable foreign operations are being shut, multiple branches in same cities or nearby areas are being rationalised, sources added. PSBs had around 165 foreign branches apart from subsidiaries, joint ventures and representative offices as on January 31, 2018. 

Country’s largest lender SBI has the biggest overseas presence with 52 branches followed by 50 branches of Bank of Baroda and 29 of Bank of India. 32 branches in the UK is the maximum number by state-owned banks even as Hong Kong and the UAE, each have 13 such branches while Singapore has 12 branches.SBI topped the list of loss-making branches in 2016-17 with a total 9 such branches followed by 8 branches of Bank of India and 7 of Bank of Baroda. 

Overall, 41 branches were loss-making in the year.

The rationalisation drive came in effect following the banking sector agenda announced at the PSB Manthan (a meeting held between senior PSU bank executives and the government) November 2017.

 

-Tags:#PSBs

Launched on December 3,1990. Nagaland Post is the first and highest circulated newspaper of Nagaland state. Nagaland Post is also the first newspaper in Nagaland to be published in multi-colour.

Phone:+91-3862-248 489,Fax: +91-3862-248 500
Advt.:+91-3862-2482 267, e-mail:npostadvt@gmail.com

QUICK LINKS

SUNDAY POST

Join us on

© Nagaland Post 2018. All Rights are Reserved
Designed by : 4C Plus