Public Sector Banks (PSB) viz. SBI, PNB, Canara Bank and some other banks are to shut down 1/3rd of their foreign branches.
The Department of Financial Services (DFS) asked the state owned banks to examine their 216 overseas branches. This step has been taken to enhance cost efficiencies. Banks have come into action immediately after the directives issued by DFS and news has it that almost 70 overseas branches of PSBs will be shut down by the end of 2018.
Among these PSBs are State Bank of India, Punjab National Bank, Canara Bank, IDBI Bank, Andhra Bank, Indian Overseas Bank, Bank of India, Bank of Baroda, Bank of Commerce, Dena Bank, Allahabad Bank and some more. SBI is in the process of shutting down its 9 foreign branches. BOI, Andhra bank, IDBI and IOB shut down their Dubai operations. PNB, Canara Bank and Union Bank shut down their Shanghai branches. BOI closed down in Yangoon and Botswana, BOB closed down its Hong Kong branch.media reports