Which multinational bank on 16 May 2016 announced to wind up all its banking operations in India in a phased manner?
A. HDFC Bank
B. Royal Bank of Scotland
C. ICICI Bank
D. Indusind Bank
Answer:B
Which multinational bank on 16 May 2016 announced to wind up all its banking operations in India in a phased manner?
A. HDFC Bank B. Royal Bank of Scotland C. ICICI Bank D. Indusind Bank
Explanation: According to the announcement made by the management of Royal Bank of Scotland Plc. (RBS), the bank will wind up its corporate, retail and institutional operations in India and shut its 10 retail branches in a phased manner. The move to shut its Indian operations is part of a global plan to reduce international operations to 13 countries from 38-spelt out last year by CEO Ross McEwan. RBS globally spent nearly eight years cutting down costs and reorganizing following a bailout by the UK government in the aftermath of the 2008 global financial crisis. In India, it has already sold the offshore loan book and private banking business.