British banking major Royal Bank of Scotland (RBS) on Sunday said it will retrench staff as part of its plan of winding down its operation in India.
“As part of its winding down plans for the R&C (retail and commercial) business here, RBS India has reviewed its operating model and this will unfortunately lead to a number of job losses,” the bank said in a statement.
The bank, which has close to 1,000 employees, did not specify the actual number of people who will be laid off.
RBS India had a deposit base of Rs.13,039 crore and an asset book of Rs.12,534 crore as of March 2012, while its NPAs (non-performing assets) or bad loans stood at 0.74%.
The India operations account for 0.02% of the group’s assets and around 0.5% of its non-core business.
RBS recently sold its Asian assets to Australia and New Zealand Banking Corp.