The Royal Bank of Scotland is to close 23 of its 31 branches in India after an agreement to sell its Indian retail and commercial banking assets to HSBC fell through.

Branches in Agra, Jodhpur, Jalandhar, Kolhapur, Mangalore, Shastri Park and Udaipur are among the first to be closed.

The hubs to remain open are in Delhi, Mumbai, Chennai, Kolkata, Bangalore, Pune, Hyderabad and Vadodara.

This decision is expected to result in job losses. RBS employ around 500 people currently in India.

The branch consolidation is expected to be completed by December.

In July 2010 the planned sale of RBS’s Indian retail and commercial business to HSBC fell through after it failed to get approval from the Reserve Bank of India.

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