South African lender FirstRand Bank is set to shut down its retail and small and medium enterprises (SME) lending business in India.

The bank will, however, retain its corporate lending and investment banking operations in the country.

The bank started operations in India as a corporate and investment bank in 2009, and in 2012 began its retail and commercial banking business in the country.

The decision follows similar moves announced by other banking majors. In May 2016, Royal Bank of Scotland (RBS) decided to close its retail banking business in India, resulting in the closure of of 10 branches.

In the same month, HSBC also decided to wind up almost half of its retail branches in the country after a strategic review of its Retail Banking and Wealth Management (RBWM) division in the country.