Explained: Why Citigroup is shutting consumer banking operations in India

Citigroup’s announcement marks the end of Citibank in India. The US banking group is likely to finalise a buyer before exiting the Indian market. Here is all you need to know:

Citigroup on Thursday announced that it is shutting consumer banking operations in India and 12 other countries. US-based Citigroup said the decision is aimed at exiting retail banking markets where it has not been able to scale up, adding that it now wants to “double down” on wealth management. Citigroup’s announcement marks the end of Citibank — the oldest foreign banking entity — in India. While no timeframe has been announced, Citigroup is likely to finalise a buyer before exiting the Indian market. The group has said that its banking services in the country will not be affected in the country from the time being and added that no employees in India will be let go.