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India asks state-owned banks to close offshore branches

India's Finance Ministry has directed public sector banks to shut down 35 offshore branches, Xinhua News Agency reported March 1, citing a tweet from Rajiv Kumar, secretary of the country's Department of Financial Services.

The lenders, including State Bank of India and Bank of Baroda, were urged to consolidate offshore operations without affecting their international presence in countries where their overseas branches are currently based.

The ministry ordered the closure after Punjab National Bank detected US$1.77 billion worth of "fraudulent and unauthorized" transactions at one of its branches in Mumbai.