Highlights
- Citibank exit India in terms of consumer banking businesses
- The decision of leaving the nation arises from the global strategy of the company
- There is no immediate impact on the entire banking process in the Indian famous.
The American bank Citibank announced last Thursday that it would no longer indulge in the consumer banking businesses in the premises of India according to their new global strategy. The business consists of credit cards, home loans, banking in the retail sector, basic wealth management, and even Citibank NetBanking. There are about 35 branches all over the country. Citibank employs more than 4000 people in the consumer banking business. Thus, it can be proclaimed as “Citibank exit India.”
Citibank will concentrate on its business in Hong Kong, London, Dubai, and Singapore. Apart from India, Citi Bank is taking an exit from 12 more countries, including Korea, Malaysia, China, Indonesia, Taiwan, Australia, Bahrain, Russia, Thailand, Philippines, Poland, and Vietnam.
The History To Citibank Exit, India
Citi came to India even before it had achieved independence from the British colonists. The enterprise came to India in the year 1902 and started its business proceedings in the customer sector in the year 1985. Citibank online India was gradually introduced to serve modern customers.
Although Citi is taking off its services in the basic consumer services, it will continue to serve in offshore and global business transport. There are many centers like Mumbai, Pune, and Bengaluru that can help in these services. As Citibank exit India, these areas will not be affected.
It has been announced that India is a strategic pool for talent extraction for Citi. It will continue to grow as a hub that supplies the most significant numbers of employees on board. The net profit for the financial year 2020 was Rs 4,918 crore, and the previous value has been Rs 4,185 crore. The retail sector will continue to serve the people across the entire spectrum. These will include the salaried and higher-worth individuals who have better offerings to make to Citi.
The Expected Changes
According to Citibank India news, the global policy has convinced the entire staff of Citibank to change its strategy in India. The authorities have announced that there will be no difference in their behavior and empathy towards their previous customers. There will be no loss of jobs in the sectors. New replacements will be introduced so that work pressure in every department is managed well. Citibank exit India must not be cause for job loss in an already suffering nation.
Impending Brain Drain
Although this is not a technical loss for the nation, it must be recalled that Citibank is using the talent pool of India for brain drain. It is alarming how most young talents wish to work for foreign countries rather than focusing on the needs of their nation. With Citibank and other such foreign enterprises, the nation must try to hold back its younger talent pool for better days.