Royal Bank of Scotland (RBS) on Monday said that it will be closing its retail banking branches in India in a phased manner and has started informing its customers.
“After examining a number of options for our banking business in India, we 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,” a spokesman said in a statement, adding that the bank will ensure the least possible disruption to its customers.
RBS, which operates 10 retail branches in India, said the bank is committed to provide 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 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 statement said.