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1-min read

India to Consolidate 35 Overseas Branches of State Banks

The government will also examine and shut down all non-viable offshore operations of state banks to cut costs, financial services secretary Rajeev Kumar said.

Reuters

Updated:March 1, 2018, 2:57 PM IST
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India to Consolidate 35 Overseas Branches of State Banks
The State Bank of India, the country’s largest lender, alone accounted for nearly Rs 2.23 lakh crore of the total gross NPAs in 2018.
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Mumbai: India's government will consolidate 35 overseas branches of state-run lenders, with 69 more under review, financial services secretary Rajeev Kumar said in a tweet on Thursday.

The government will also examine and shut down all non-viable offshore operations of state banks to cut costs, he said in the tweet, adding the government will also consolidate equity stakes in joint ventures having multiple state-run bank partners.

Indian banking system has come under renewed scrutiny after a recent $2 billion fraud in Punjab National Bank, the country's second biggest state lender.
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