ICICI bank was one of the first banks from India to have been fined in HK, Saudi and also revoked it’s wealth management license in Canada several years ago.
But lately, Indian banks are not only shutting overseas branches/operations in a dramatic fashion but have been caught for money laundering in London, India and South Africa.
Dubai and HK operations are also under investigation especially for the infamous Nirav Modi scam besides several others.
The licence of Bank of Baroda in South Africa has been cancelled, but despite that, their offices, while in shut down mode, have been raided by the police today, 8 June 2018.
It's shameful that foreign Governments are raiding Indian banks overseas which is scandalous and extremely rare.
It's shameful that foreign Governments are raiding Indian banks overseas which is scandalous and extremely rare.
Canara Bank was fined in UK on 6 June 2018.
South Indian Bank was fined in India on May 18, 2018.
On Apr 9, 2018, Canara Bank announced closure of 3 overseas locations.
On May 1, 2018, SBI announced closure of 6 overseas operations.
Just on 1 Mar 2018, Govt of India had ordered closure of 35 overseas branches while 69 branches of various banks were put under examination to be shut soon.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.