Reported by: banking|Updated: May 17, 2016
The Royal Bank of Scotland (RBS) is beginning the process of shutting down its 10 retail branches in India as part of its plan to totally exit the country. The bank said in a press release the closure will be done in a phased manner and it has started informing its customers about the closure. The bank had announced in February 2015 that it will shut down its operations in India as part of a global restructuring to cut costs. The bank is now in selling its outstanding loans. In October 2015, the bank had sold $1 billion of external commercial borrowings (ECBs) of Indian companies to National Bank of Abu Dhabi (NBAD). The branches employ 650. The bank also had a global back office – RBS Business Services – which has another 7,100 employees.