India’s largest lender, State Bank of India will shut down 9 of its international branches as part of its rationalisation scheme. Mr. Praveen Kumar Gupta, the MD of Retail and Digital Banking of SBI conveyed this.
SBI, which has around 190 branches globally operates in 36 nations. It recently closed a total of six foreign branches, one each in China, Oman, Sri Lanka, France, Saudi Arabia, and Botswana.
While a few of the branches which are proposed to be closed are full-fledged ones, there are a few others which are retail branches.
The government had asked PSBs to monitor the operation of their overseas branches, with around 35 international branches of other PSBs having shut down this year. The banks which shut overseas branches include the likes of IDBI Bank, Andhra Bank, Bank of India, Punjab National Bank, Canara Bank, Union Bank of India, and Indian Overseas Bank.
|Bank||Country where it shut down branch(es)|
|Bank of India||UAE (Dubai), Botswana, Myanmar (Yangon)|
|Andhra Bank||UAE (Dubai)|
|IDBI Bank||UAE (Dubai)|
|Indian Overseas Bank||UAE (Dubai), Hong Kong|
|Union Bank of India||China (Shanghai)|
|Canara Bank||China (Shanghai)|
|Bank of Baroda||Hong Kong|
SBI has seen a decrease in its number of branches following the merger of Bharatiya Mahila Bank and its associate banks with itself last year. The move saw around 1,800 branches being rationalised, helping SBI save hundreds of crores.
Locally, SBI is expected to open around 350 branches this fiscal, with around half of these banks expected to be opened in rural regions.
Sources: Economic Times, Little India