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Job cuts on the anvil as PSBs plan rationalisation of 69 overseas offices

PW Bureau

Close to 35 overseas operations were closed while 69 are being considered or under process for rationalisation after review, sources say New Delhi: Public sector banks in the country are on the course to rationalising around 69 overseas operations in the upcoming months as part of the reform process to build up their financials. The move comes after a planned rationalisation of operations and a review of 216 overseas operations of the public sector banks (PSBs) was undertaken last year, sources said. After the examination, 35 overseas operations were closed while 69 are in the process of being considered for rationalization, according to sources.
The PSBs have the largest number of branches in the United Kingdom (32) followed by Hong Kong and the UAE (13 each) and Singapore (12). Close to 41 branches were in losses in 2016-17.
By January 31 last year, there were nearly 165 overseas branches for PSB, apart from subsidiaries, joint ventures and representative offices. State Bank of India (SBI) has the largest number of overseas branches (52) followed by Bank of Baroda (50) and Bank of India (29). The PSBs have the largest number of branches in the United Kingdom (32) followed by Hong Kong and the UAE (13 each) and Singapore (12). Close to 41 branches were in losses in 2016-17. All PSBs such as Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank, Indian Overseas Bank, Punjab National Bank, State Bank of India, and Union Bank of India that have foreign branches have jointly taken the initiative to prepare a note in mutual consultation for rationalisation of their foreign branches.