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The government will also examine and shut down all non-viable offshore operations of state banks to cut costs, he said in the tweet, adding the government will also consolidate equity stakes in joint ventures having multiple state-run bank partners.
Indian banking system has come under renewed scrutiny after a recent $2 billion fraud in Punjab National Bank, the country's second biggest state lender.
#ResponsibleBanking; PSBs to consolidate 35 overseas operations without affecting international presence of PSBs in these countries; 69 ops identified for further examination. Move towards cost efficiencies and synergies in overseas mkt @PMOIndia @FinMinIndia @PIB_India pic.twitter.com/tVYMcEmXK3— Rajeev kumar (@rajeevkumr) March 1, 2018