HSBC To Close Down 24 Branches In India; Over 300 Jobs To Go

| } May 20 , 2016 , 11:40 IST
An HSBC bank sign is seen outside a branch in central London August 2, 2010. REUTERS/Toby Melville British banking major HSBC has decided to shut down 24 in India citing that more customers are availing banking services though the digital medium rather than going to branches. The decision to close the branches, which will happen in a phased manner over the next few months, will impact 1 per cent of the bank’s total employees in the country, which is about 33,000, the company said via statement. “Following a strategic review of its Retail Banking and Wealth Management (RBWM) business in India, HSBC on Thursday announced changes to its retail branch network in the country. This change reflects changes in customer behaviour, who are increasingly using digital channels for banking,” the British lender said. The move will reduce its presence to 14 cities from 29 cities. The branches that will be impacted include: Chennai (Adyar); Delhi (Punjabi Bagh and Basant Lok); Guwahati; Indore; Jodhpur; Kolkata (Shakespeare Sarani, Howrah, Ultadanga, New Alipore and Salt Lake); Lucknow; Ludhiana; Mumbai (Thane); Mysore; Nagpur; Nasik; Patna; Pune (Deccan); Raipur; Surat; Thiruvananthapuram; Vadodara; and Vishakhapatnam. (With Agency Inputs)