RBS India to layoff staff

Royal Bank of Scotland is to layoff staff in India as a part of its plan to wind down its retail and commercial operations in the country, it said in a statement, without specifying how many employees would be affected.

The announcement comes after British Prime Minister David Cameron said he wants the bank to speed its restructuring, making it clear he is keen to return it to private ownership as soon as possible. The British government owns 82 per cent of RBS having pumped in 45 billion when the bank neared collapse in 2008.

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