Citibank to shut bank’s consumer operations in India. Around 20,000 employees works in the bank.

Citi Bank, one of the leading banks in the US, has started rolling out from India. The bank on Thursday said it would close its consumer banking business in India. This decision is part of a global plan. 
Citibank’s consumer business includes credit cards, retail banking, home loans and wealth management. Citibank has 35 branches across the country. Also, about 4,000 people work in the consumer business.The bank said on Thursday that the business would be closed in 13 countries. “There is no competitive environment in these countries,” said Jane Fraser, CEO of Citibank. The 13 countries where the Citibank will end are China, Malaysia, Australia, Indonesia, Russia, Vietnam, Korea, Bahrain, Philippines, Poland, Taiwan, Thailand, and India.The Citibank will only focus on Dubai, Singapore, Hong Kong, and London“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” said Jane Fraser. At present, the announcement has not been made and the bank has not taken any action in this regard. The bank will need the approval of some regulatory bodies to exit India. Citibank is not new to India but has a history of nearly 119 years. Ashu Khullar, Chief Executive Officer, Citibank India, said, “This announcement will not have any immediate effect on our colleagues. We will continue to serve our customers. Today’s announcement will further strengthen the bank’s services. The bank entered India in 1902 in Calcutta. According to their Linkedin page, they employ around 20,000 employees in India.