25% overseas branches of public sector banks reported losses in FY17
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The Union government said on Friday that one-fourth of all foreign branches of public sector banks reported losses last financial year.«As per data reported by PSBs, 159 branches of PSBs are operating in foreign countries, of which41 branches were in lo25% overseas branches of public sector banks reported losses in FY17
The Union government said on Friday that one-fourth of all foreign branches of public sector banks reported losses last financial year.«As per data reported by PSBs, 159 branches of PSBs are operating in foreign countries, of which41 branches were in loss in the financial year 2016-17,» Minister of State Finance Ministry Shiv Pratap Shukla informed the Lok Sabha on Friday.The Rs 129 billion scam reported in Punjab National Bank has put the scanner on foreign branches of PSBs as fraudulent transactions through thousands of letters of undertaking allegedly took place between domestic and overseas branches over last seven years in the Nirav Modi and Mehul Choksi case.Most number of foreign branches that reported losses belonged to State Bank of India (nine), followed by Bank of India (eight), Bank of Baroda (seven), Indian Overseas Bank (five) and Canara Bank (four).All the branches of PSBs in Bahama (two - one each by SBI and Bank of Baroda), Cambodia, Vietnam and ChannelIslands (all ... Read more