RBS to lay off staff in India

The bank has nearly 1,000 employees in India

Royal Bank of Scotland (RBS) will be laying off some of its 1,000 employees in India, as it winds down retail and commercial business in the country.

“As part of its winding down plans for the R&C (retail & commercial) business here, RBS India has reviewed its operating model and this will unfortunately lead to a number of job losses,” it said in a statement.

It did not specify the number to be laid off. RBS India had a deposit base of Rs 13,039 crore and an asset book of Rs 12,534 crore as of March 2012, while its non-performing assets were at 0.74 per cent.

The India operations account for a meagre 0.02 per cent of the RBS Group’s assets and around 0.5 per cent of its non-core business.

RBS had sold its Asian assets to Australia and New Zealand Banking Corp to comply with the bailout norms recently. Its troubles started after being rescued by the British government in 2008 due to the global credit crisis.