Bank of Maharashtra has shuttered 51 branches across the country to cut costs.
The loss-making branches – located in urban centres across Maharashtra, Rajasthan and Karnataka, among other states – have been merged with neighbouring ones, a bank official said. It wasn’t immediately clear as to whether the move will lead to retrenchment of staff. Earlier,
Indian Express reported that public sector banks – including SBI, Punjab National Bank, Indian Overseas Bank, IDBI Bank and Bank of India – were looking to shut down nearly a third of their 216 overseas branches to cut costs.
