Royal Bank of Scotland (RBS) has decided to wind up its retail banking operations in India, which will result in shutting down of 10 branches.
The British lender, which has less than 400 employees across operations in India, informed clients that it will start closing its branches in a phased manner.
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"After examining a number of options for our banking business in India, we have decided to wind down our corporate, institutional and retail banking businesses in India. We sold the onshore loans portfolio and initiated the corporate and institutional business exit earlier this year," the bank said in a statement.
"We are committed to provide our employees with a range of support and will ensure that they are treated in a fair and transparent manner in line with RBS’ principles and local policies," the bank added.
The Global Hub India business that operates across India will continue to provide strategic support to the bank and to its customers and will continue to deliver vital bank functions for the RBS global network.
The move to close Indian operations is part of the lender’s global plan to reduce its international operations to 13 countries from the current 38.
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