Royal Bank of Scotland to cut jobs in India

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Royal Bank of Scotland has planned to lay off a number of employees in India. (Reuters) Royal Bank of Scotland has planned to lay off a number of employees in India. (Reuters)
SummaryThe move comes as part of a plan to wind down its retail and commercial business in India.

Royal Bank of Scotland has planned to lay off a number of employees in India.

The move comes as part of a plan to wind down its retail and commercial business in India.

A bank spokeswoman said that the affected employees are being informed, but didn't provide details such as how many people will be affected by the job cut.

According to the Wall Street Journal, the spokeswoman added that there is no impact on RBS's markets, international banking and private banking businesses in India.

The British bank has been looking for buyers for its retail and commercial business, which it says is no more core to its India strategy.

The division, which provides loans to individuals and small businesses, had total assets of 190 million pounds at the end of September.

RBS "continues to review all options," the spokeswoman said about its plan to sell the division in India, the paper added.

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