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Govt to consolidate equity stakes in JVs having multiple state-run bank partners
Photo Credit: Reuters

India’s government will consolidate 35 overseas branches of state-run lenders, with 69 more under review, financial services secretary Rajeev Kumar said in a tweet on Thursday.

The government will also examine and shut down all non-viable offshore operations of state banks to cut costs, he said in the tweet, adding the government will also consolidate equity stakes in joint ventures having multiple state-run bank partners.

Indian banking system has come under renewed scrutiny after a recent $2 billion fraud in Punjab National Bank, the country’s second biggest state lender.

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