Bank of India closes subsidiary in Botswana

Bank of India on Friday said it has closed down its subsidiary in Botswana.

"This is to inform that the banking licence for Bank of India (Botswana) Ltd (wholly owned subsidiary) has been surrendered to regulator on December 5, 2019," the state-run bank said in a regulatory filing.

Hence subsidiary be treated as closed with effect from December 5, 2019, it added.

The closure of overseas branches is part of the government's initiative asking public sector banks to rationalise overseas operations for cost efficiencies and synergies in overseas markets.