Barclays Bank plans to shut 3 Indian branches

The British Bank, Barclays which is having 9 branches in India plans to shut 3 offices situated in Rajamundry, Ahmednagar and Junagadh. The Bank will also reduce the workforce due to the closure of the branches. The bank has taken the decision to sharpen focus in India on corporate and investment banking and wealth management and to reduce over time their retail banking presence to a core network of branches serving the high net worth individuals segment. The foreign bank is not able to make a presence in already heated banking market.