Citibank Closing Business in India, 2.5 million Customers

Citibank Closing Business in India

Citibank Closing Business in India: Citigroup, the US multinational banking and financial services group, is set to leave India. Citibank on Thursday announced its exit from the consumer banking business in India. After this, what will happen to the bank account holders and credit cardholders? This question is in everyone’s mind. According to sources from the payment industry, SBI and many other private banks now want to buy Citibank’s credit business. The bank, which will also do this business, will provide facilities to 2.5 million customers from Citibank.

Citibank Closing Business in India

According to reports, it is most likely that State Bank will now buy Citibank’s credit business. As soon as this news came to light on Friday, the share of SBI Card in BSE has risen by 7.5%.

HDFC Bank will not get Citibank customers

HDFC Bank has the largest share of credit card business in India. For this reason, the Reserve Bank of India has banned adding new customers to this bank. This is why HDFC Bank cannot buy Citibank’s credit business. Apart from State Bank, RBL, IDFC Bank also want to buy the credit business of Citibank.

Nothing to worry about customers

Changing the bank will not make much difference to the existing customers of Citibank. Customers will join whichever bank buys this business. The new bank will make its policies, and the customers will get the facilities accordingly. If there is a policy change here, then customers may face problems. Citibank has said that it will continue to serve customers until a new bank acquires its retail banking business. After the acquisition, the new bank will provide services to customers.

Citibank has 2.5 million customers.

Citibank has a total of 2.5 million customers in the country. It has about 35 branches. These include units of cities such as Lucknow, Ahmedabad, Aurangabad, Bengaluru, Chandigarh, Faridabad, Gurugram, Jaipur, Kochi, Kolkata, Mumbai, Nagpur, Nashik, New Delhi, Pune, Hyderabad and Surat. About 4 thousand people of this bank work in consumer business banking.