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HindustanTimes Wed,01 Oct 2014

RBS begins India shut down with partial lay off

HT Correspondent, Hindustan Times  Mumbai, February 24, 2013
First Published: 20:55 IST(24/2/2013) | Last Updated: 01:24 IST(25/2/2013)

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.

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“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.


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