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Monday, April 9, 2018

Fate Of Foreign Branches of Indian Banks

SBI has the largest number of overseas branches (52) followed by Bank of Baroda(50) and Bank of India (29). The state-owned banks have the largest number of branches in the United Kingdom (32) followed by Hong Kong, UAE (13 each) and Singapore (12).

It should be investigated by RBI, Govenment of India and CBI to know why and at whose instance CMDs of some banks chose to open their bank's branch at foreign centers like Belgium to enable Nirav Modi and Mehar Choksi in misusing  borrowings availed from Indian Banks with fake LOU.

Who are those  guilty bankers and politicians of UPA government who facilitated fraudsters cheating Indian banks?

Answer to these will give clue to not only modus operandi of frauds taking place  but also expose the  men behind the show.  Arresting a few junior officers in such a high value fraud is demotivator for rank and file who are sincere and honest performers. Any common men can guess the pathetic position of junior staff when his or her senior like CMD takes interest in any case of lending or any kind of  banks credit

It is a well established culture in banks where branches are opened at a location to please ministers or to please corporate houses who distribute gifts in cash or in kind to officials for getting their favour.

One of ŕeader has rightly commented that "Most of the foreign branches /offices are loss making and manned by selected, '' Super efficient '' branded officers of the banks and perform very well in hosting Bosses from respective corporate office with great '' CARE''

It is reported in newspapers that State-run banks have initiated consolidation of their foreign businesses, starting with 35 operations in the first round, which could result in closing down of many overseas branches and offices.

It is reported that Public sectors banks (PSBs) will consolidate 35 overseas operations without affecting international presence of PSBs in foreign centres.

These operations include bank branches, joint ventures, subsidiaries, remittance centres, and representative offices, a senior finance ministry official said. Another 69 operations have been identified for further review and eventually all 216 operations will be examined.

There is no doubt that government has now become active to stop further erosion and loss in credibility of Indian banks and occurrence of losses. But real reformation and transformation will take place only when all guilty officers and mischievous minded politicians are taken to task.

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