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Indian banks prep to close 69 overseas offices

Indian public sector banks are preparing to close or "rationalize" about 69 additional overseas offices in the next few months, the Press Trust of India reported Jan. 6.

Public sector banks started the rationalization process in 2018 after a review of 216 overseas operations. Rationalization could involve consolidating branches in same cities, cutting down on staff, exiting noncore activities and shuttering offices.

So far, banks have closed as many as 35 operations in the overseas markets.