Bank of India closes branch in Jersey

State-run Bank of India (BoI) Monday said it has closed down its branch at Jersey in the Channel Islands with effect from October 18.

"This is to inform that Jersey Financial Services Commission (JFSC), Local Regulators Jersey, has allowed the closure of our Jersey Branch with effect from October 18, 2018," BoI said in a regulatory filing.

Earlier, the bank has also closed down its operations in Yangoon, Bostwana and Dubai.

As per the BoI website, it has overseas operations in Japan, Singapore, the UK, Vietnam, France, Kenya, the US, Uganda, Hong Kong, New Zealand, Tanzania and South Africa.

The closure of overseas branches is part of the public sector banks' (PSBs) efforts to wind up the unviable operations as per the instructions of the finance ministry.

By March this year, PSBs have closed down 35 overseas branches and representative offices as part of the clean and responsible banking initiative, wherein Andhra Bank, IDBI Bank and Indian Overseas Bank closed down Dubai operations while Punjab National Bank, Canara Bank and Union Bank of India shut their Shanghai offices.

In June, SBI MD PK Gupta had said the bank was in the process of closing down nine more foreign branches after already shuttering six.

Stock of BoI closed 1.89 per cent down at Rs 75.30 on BSE.