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70 Overseas Offices of PSBs to be Shut Down in the Current Financial Year
September 05, 2018
As a part of their capital conservation routine, various public sector banks (PSBs) are looking to close as many as 70 overseas offices.
Sources said that in a bid to achieve efficiency, the banks are shutting down unviable foreign operations and rationalizing multiple branches in the same cities.
At present, around 159 overseas branches are operated by PSBs out of which 41 reported losses during the financial year 2016-17. Public sector bank, State Bank of India (SBI) had the highest number of foreign branches to report losses during this period.
Photo credit: Gene Hunt on Visualhunt / CC BY
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