NEW DELHI, March 2– India’s Finance Ministry Thursday ordered
the closure of 35 branches of state-owned banks in foreign countries, days
after the country’s biggest-ever bank fraud of 1.8 billion U.S. dollars
came to light.
“PSBs (public sector banks) to consolidate 35 overseas operations without
affecting international presence of PSBs in these countries; 69 ops
identified for further examination,” Rajiv Kumar, the Secretary of India’s
financial services department, tweeted. The banks that have been asked to
shut down foreign branches include the country’s largest lender, State Bank
of India (SBI), Punjab National Bank and Bank of Baroda. SBI has 195
foreign offices spread across 36 countries and regions. The ministry’s
move came after Punjab National Bank last month reported to authorities
about the 1.8 billion U.S. dollars fraud, masterminded by billionaire
jeweller Nirav Modi, though he claimed to owe the bank only 775 million
U.S. dollars. Though Modi has not been formally charged for the crime,
India’s External Affairs Ministry has revoked the passports of the
disgraced jeweller and his uncle and business partner Mehul Choksi, and
launched a massive crackdown on companies linked to the duo. – XINHUA
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