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State-run Bank of India has closed down its operations at Jersey in the Channel Islands with effect from October 18.
“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,” BoI said in a regulatory filing.
Earlier, the bank had also closed down its operations in Yangoon, Bostwana and Dubai. As per the BoI website, it has overseas operations in Japan, Singapore, the UK, Vietnam, France, Kenya, the US, Uganda, Hong Kong, New Zealand, Tanzania and South Africa.
The closure of overseas branches is part of the public sector banks’ efforts to wind up the unviable operations as per the instructions of the Finance Ministry. By March this year, PSBs had closed down 35 overseas branches and representative offices as part of the clean and responsible banking initiative.
BoI stock closed 1.89 per cent down at Rs 75.30 on the BSE.
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