The state-run Bank of India has closed down its branch in St Helier, Jersey, from which is has operated since 1978.
According to a report in The Hindu BusinessLine, the move follows earlier closures of the bank's operations in Yangoon, Bostwana and Dubai. It now has overseas operations in Japan, Singapore, UK, Vietnam, France, Kenya, US, Uganda, Hong Kong, New Zealand, Tanzania and South Africa.
The closure of overseas branches by public sector lenders is part of the banks’ efforts to scale down non-profitable operations as per the instructions of the Finance Ministry, says the report.
By March this year, 35 overseas branches and representative offices had been closed down as part of the clean and responsible banking initiative.