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Bank of India shuts its operations in Jersey

Bank of India shuts its operations in Jersey

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Public lender Bank of India has shut down its operations at Jersey in the Channel Islands. The development came into effect on October 18.

Bank of India“This is to inform that Jersey Financial Services Commission (JFSC), Local Regulators Jersey, has allowed the closure of our Jersey branch with effect from October 18, 2018,” informed the bank  in a regulatory filing.

Prior to this, Earlier, the lende had closed down its operations in Yangoon, Bostwana and Dubai. According to the bank’s website, it has its overseas operations in places namely Japan, Singapore, the UK, Vietnam, France, Kenya, the 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 the non-profitable operations as per the instructions of the Finance Ministry. As on March 2018, PSBs had shut around 35 overseas operations in a bid to offer clean and responsible banking initiative.

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