All the branches of PSBs in Bahama (two - one each by SBI and Bank of Baroda), Cambodia, Vietnam and ChannelIslands (all operated by Bank of India) and Mynamar (SBI) reported losses in 2016-17. Besides, some of the branches of PSBs in Australia, Bangladesh, France, China, Kenya, Singapore, South Africa, Sri Lanka, Thailand, United Arab Emirates, United Kingdoms, among others also ran in losses.
"All PSBs having foreign branches have jointly taken the initiative to prepare a note in mutual consultation for rationalisation of their foreign branches. Action on the closure of branches identified by banks is at various stages," Shukla said.
Department of Financial Services Secretary Rajiv Kumar had said on March 1 that PSBs will consolidate 35 overseas operations without affecting international presence in these countries. "69 operations identified for further examination. Move towards cost efficiencies and synergies in the overseas market," Kumar had said.
Banks will close unviable operations and consolidate operations in the same geography, according to the plan. For instance, in United Kingdoms, Bank of Baroda has 10 branches, SBI has 12 and Bank of India 7 as on January 31 this year.