State banks identify 54 ops abroad for rationalisation

NEW DELHI: As many as 54 overseas operations of state banks were identified for rationalisation, while 29 have been rationalised for cost efficiencies, as of January 15, this year, the Parliament was informed on Friday.

Banks pursue rightsizing and rationalisation of their branch network and other operations for cost efficiency and synergy benefits, and invest in and monetise non-core assets as per business strategy, Minister of State for Finance Shiv Pratap Shukla said. He said a reforms agenda based on recommendations by whole time directors and senior executives of public sector banks (PSBs) was referred by government to PSBs in January 2018 for appropriate action as per approval of bank boards. "As per information furnished by PSBs, 54 overseas operations were identified for rationalisation and as of January 15, 2019, 29 overseas operations have been rationalised for cost efficiencies and synergies in overseas markets," he said.