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Barclays plans to close three banking branches in India

Barclays is planning to close three of its nine bank branches in India by end of this month, and slash nearly 30-40 jobs, as the UK bank seeks to quit retail banking business in the country.

The bank branches likely to be shut down are located in Rajahmundry, Andhra Pradesh; Ahmednagar, Maharashtra; and Junagarh in Gujarat.

The remaining six branches in the country will continue to run to facilitate corporate banking operations.

The UK’s fourth-largest bank said in a statement, "We took a decision then to sharpen our focus in India on corporate and investment banking and wealth management and to reduce over time our retail banking presence to a core network of branches serving the high net worth individuals segment."

Barclays offloaded its India credit cards business to Standard Chartered Bank and Kotak Mahindra Bank in December 2011, and is negotiating with bidders to sell its Rs32,000m ($600m) retail assets business in the country.