The government has asked Public Sector Banks (PSBs) to consolidate 35 overseas operations. Financial Services Secretary Rajiv Kumar said in a tweet that 69 overseas operations have also been identified for further examination.
Expressing government’s commitment to clean and responsible banking, Mr Kumar said, the overseas operations of the state-owned banks will be rationalised.
The move comes in the wake of the recent Punjab National Bank scam in which Nirav Modi allegedly cheated the bank in connivance with PNB staff and officials of overseas branches of other state-owned banks.