Wednesday, July 28, 2021
News

Centre directs PSBs to consolidate 35 overseas operations

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi [India] | March 2, 2018 12:01:13 AM IST
In the wake of the recent banking scams reported, the government has directed public sector banks (PSBs) to consolidate nearly 35 overseas operations without affecting the banks' international presence in these countries.

In this regard, 69 operations were identified for further examination, including bank branches, joint ventures, subsidiaries, remittance centres and representative offices.

As per the Secretary of the Department of Financial Services(DFS), Rajeev Kumar, the proposal of consolidation aims to improve cost efficiency and synergies in the overseas market.

The ministry confirmed that a total of 216 overseas operations will be examined to ease the rationalisation of overseas operations.

Furthermore, non-viable operations in the overseas market, the ministry proposed, would be terminated for greater cost efficiency and synergy. Operations in the same geography will be consolidated, and equity stakes will be consolidated in the case of joint ventures having multiple PSB partners.

A number of banking cams have come to the forefront in the recent past, the most prominent one being the 1.77 billion dollar Punjab National Bank (PNB) fraud involving top jewellery designer Nirav Modi and others.

In the wake of these scams, there has been a greater nudge for complete privatisation of PSBs.

On Tuesday, the DFS secretary announced a 15-day deadline to the PSBs to take "pre-emptive" action for identifying gaps and to gear up for rising operational and technical risks. (ANI)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
IL&FS invites EoI for subsidiary Ramagir...
Canara Bank net profit triples as provis...
Co-working, co-living sectors buck pande...
Global cues, pharma sector woes pull mar...
IndusInd Bank YoY Q1FY22 consolidated ne...
IndiGo's Q1FY22 net loss widens to Rs 3,...
More...
 
INDIA WORLD ASIA
Harappan city of Dholavira declared Worl...
Himachal Governor expresses pain at natu...
Punjab CM appeals to govt employees to c...
CBI arrests BSNL officer in graft case...
Assets worth Rs 85L unearthed from a cle...
JD-U MP says Mukesh Sahani should learn ...
More...    
 
 Top Stories
Another Assam cop injured in border... 
'Balcony Buddies' celebrates bond o... 
Int'l flyers at Chennai airport wai... 
Old couple found trampled to death ... 
Pilot rushes to Delhi ahead of Make... 
DBSE to affiliate 30 govt schools i... 
Key Taliban member killed in clash ... 
Chhattisgarh: Baghel says proposed ...