RBS to close retail banking operations in India

Royal Bank of Scotland on Monday said it will close down it’s retail operations in the country which will resulting in shutting down of 10 branches.

“After examining a number of options for our banking business in India, we decided to wind down our corporate, institutional and retail banking businesses in India. We sold the onshore loans portfolio and initiated the corporate and institutional business exit earlier this year,” a spokesperson of the bank said.

The bank said it will exit it’s retail operations in a phased manner.

“We are committed to provide our employees with a range of support and will ensure that they are treated in a fair and transparent manner in line with RBS’ principles and local policies,” the Bank said.

The Global Hub India business that operates across India will continue to provide strategic support to the bank and to its customers and will continue to deliver vital bank functions for the RBS global network.