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FILE PHOTO: The Royal Bank of Scotland's billboards are being seen at a bank branch in London on December 1, 2017. REUTERS / Peter Nicholls / File Photo
(Reuters) – UK-based Royal Bank of Scotland aims to reduce bank loans from municipalities across the country by £ 1 billion, the Guardian newspaper bit.ly/2Oijrmm reported on Saturday. .
This development follows criticism from activists and John McDonnell, a spokesman for the British opposition Labor Party in the field of finance, that high payments have resulted in embezzlement of board services.
RBS plans to gradually reduce the loan portfolio by the end of the year, the newspaper reported, adding that the main method of implementing this liquidation was to make loan repayments.
These redemptions will allow customers, including local authorities, to repay loans earlier than their original contract has been authorized.
RBS did not immediately respond to a request for comment from Reuters on Saturday morning.
Report of Aishwarya Nair and Kanishka Singh to BENGALURU; Edited by Tom Hogue
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