SBI, PNB and other PSB alert: Agencies likely to be closed in these areas

This occurred after the central government had injected Rs 2.11 lakh crore into the PSB and asked the banks to streamline their operations outside of India

Public Sector Banks (PSB) , including State Bank of India, Punjab National Bank, Indian Overseas Bank, IDBI Bank and Bank of India, are likely to close one-third of their branches abroad. In an effort to mitigate costs and preserve capital, public sector banks have decided to close 70 of their 216 overseas branches, according to the report from Indian Express. Money transfer offices in Gulf countries such as Oman and UAE, which do not generate revenue, are closed.

"Banks began selling non-core badets, closing unsustainable branches, and reducing capital, and to date have closed 37 foreign operations and 60 to 70 others. The operations will be closed by the end of the year, and these operations are a combination of wholly – owned branches, representative offices and remittance offices, "said the official quoted by IE.

SBI, which has already closed six branches abroad, has converted its branches in France and Sri Lanka. representative offices. SBI plans to close nine more branches. Some banks have already closed their operations in places such as Dubai, Shanghai, Jeddah and Hong Kong

after the central government injected Rs 2.11 lakh crore into the PSBs and asked the banks to streamline their operations outside of l & # 39; India. According to the report, closing branches in border areas will help banks use capital in domestic operations.

The Ministry of Finance approved a capital injection of 11,336 crore into five public lenders – Punjab National Bank, Bank Corporation, Andhra Bank, Allahabad Bank and Indian Overseas Bank.