British state-owned lender Royal Bank of Scotland Group (RBS) has scrapped plans to sell its India banking operations.
The bank is reportedly currently exploring other options for the business, such as winding down the unit or selling individual parts of the business.
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According to media reports, majority of the bank’s 600 staff in the Indian unit will lose their jobs as the unit is wound down.
According to financial statements posted on RBS’ website, the bank’s Indian unit managed a balance sheet of INR190bn ($2.8bn) and a loan book of INR112bn ($1.6bn).
The decision to exit from India was part of the bank’s strategy to reduce its global banking operations and instead focus on lending in Britain. As part of this strategy, the bank has already sold its offshore Indian loan portfolio and its Indian private banking business.
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