Public sector banks to consolidate 35 overseas operations

Posted on:02 Mar 2018 16:05:33
Public sector banks to consolidate 35 overseas operations
02 March 2018 Current Affairs: The union government asked Public Sector Banks (PSBs) to consolidate 35 overseas operations.

Financial Services Secretary Rajiv Kumar said in a tweet that 69 overseas operations have also been identified for further examination. 

The Expressing government's commitment to clean and responsible banking, Mr Kumar said, the overseas operations of the state-owned banks will be rationalized.

The move comes in the wake of the recent Punjab National Bank scam in which Nirav Modi allegedly cheated the bank in connivance with PNB staff and officials of overseas branches of other state-owned banks.
The union government asked Public Sector Banks (PSBs) to consolidate 35 overseas operations.

Financial Services Secretary Rajiv Kumar said in a tweet that 69 overseas operations have also been identified for further examination. 

The Expressing government's commitment to clean and responsible banking, Mr Kumar said, the overseas operations of the state-owned banks will be rationalized.

The move comes in the wake of the recent Punjab National Bank scam in which Nirav Modi allegedly cheated the bank in connivance with PNB staff and officials of overseas branches of other state-owned banks.

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