19 May 2016 Current Affairs: The Royal Bank of Scotland (RBS) will start shutting down its ten branches in India as it exits from the country following an announcement in February 2015.
The branch closures are not a surprise. In February 2015 the bank announced that it will shut down operations in the country as part of a global reshuffle to cut costs and improve returns for shareholders.
It has already started selling its outstanding loans in India. In March, Singapore based DBS Bank bought a Rs 1,000 crore loan portfolio from the bank as it decided to sell its business in parts rather than at one go.
Earlier in October. RBS had sold $1 billion of external commercial borrowings (ECBs) of Indian companies to National Bank of Abu Dhabi (NBAD).
RBS' ten functional branches in India employ 650 people. It also had a global back office called RBS Business Services Pvt. Ltd, which has another 7,100 employees. Its main businesses include institutional and corporate banking business.
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