Finance Ministry to consolidate overseas operations of public sector banks.

Johnson Cherian.

In the the wake of unearthing of a series of scams in public sector banks, a move is afoot to consolidated the overseas operations of the public sector banks (PSBs).

The plan is to consolidate at least 35 overseas operations of the PSBs. This will be done without affecting the global presence of these public sector banks in those countries.

Indicating this in a tweet, Rajiv Kumar, Secretary in the Department of Financial Services in the Ministry of Finance, said that it “is a move towards cost efficiencies and synergies in the overseas market.” About 69 overseas operations had been identified for further examination, he tweeted.

The move assumes considerable significance in the wake the ₹12,636-crore Punjab National Bank scam and also in the light of Bank of Baroda winding up operations in South Africa.

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