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PNB Scam Effect: PSBs Look to Consolidate Overseas Operations

March 05, 2018

PNB Scam Effect: PSBs Look to Consolidate Overseas Operations

Several public sector banks (PSBs) have started to consolidate their foreign operations by covering 35 of their bank branches in the first round alone. This may result in the shutting down of a number of bank branches.

Finance services secretary Rajeev Kumar said that PSBs will consolidate 35 of their overseas operations including joint ventures, remittance centers, subsidiaries, representative offices, and bank branches.

The consolidation initiative was taken shortly after the massive PNB scam was unearthed which shed light on several foreign branches of PSBs that were involved in the same.

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