25% overseas branches of public sector banks reported losses in FY17

Most numbers of foreign branches that reported losses belonged to SBI, BoB, BoI, IOB and Canara Bank

The Union government said on Friday that one-fourth of all foreign branches of public sector banks reported losses last financial year.

"As per data reported by PSBs, 159 branches of PSBs are operating in foreign countries, of which 41 branches were in the loss in the financial year 2016-17," Minister of State Finance Ministry Shiv Pratap Shukla informed the Lok Sabha on Friday.

The Rs 129 billion scam reported in Punjab National Bank has put the scanner on foreign branches of PSBs as fraudulent transactions through thousands of letters of undertaking (LoUs) allegedly took place between domestic and overseas branches over last