The overseas operations of the 35 Public Sector Banks (PSB) will be rationalized as a part of the government's effort to improve cost efficiencies and synergies in the overseas market.
Rajeev Kumar, Secretary in the Department of Financial Service, tweeted today, the action as per the reforms agenda which includes the foreign operations of 35 state-owned banks to be consolidated without affecting international presence.
Other 69 operations, which includes bank branches, joint ventures, subsidiaries, remittance centers and representative offices have been identified for possible consolidation he added.
He also added that as a part of the reform agenda, 216 overseas operations of the state-owned banks would be examined.
Non-viable operations in overseas market to be closed for cost efficiency and synergy. The operations in the same geography to be consolidated and to consolidate equity stake in joint ventures having multiple Public Sector Banks (PSB) partners.