RBS tells customers about closure of India operations

The British bank will make alternate arrangements for their banking, wealth management & demat accounts on or before Aug 31

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The Royal Bank of Scotland (RBS) has informed its customers about the closure of all its 10 branches in India and withdrawal of its retail and wealth management services.

The British bank told its customers through its website to close their RBS accounts and make alternate arrangements for their banking, wealth management and demat accounts on or before August 31.

According to RBS, its six India branches — Bengaluru, Hyderabad, Pune, Gurgaon, Noida and Vadodara — would be shut from October 1 onwards.

The remaining four branches — Chennai, Kolkata, Mumbai and New Delhi — will be closed in due course, the bank said.

The bank has also listed different dates for closure of its various services.

According to RBS, its private banking and wealth management business was transferred to Sanctum Wealth Management Private Ltd with effect from April 1.