Banking major Barclays is planning to resume its retail and consumer banking business in India, Bloomberg reported citing sources familiar with the matter.
The British banking giant terminated its consumer banking business in the country in 2011 in a bid to reduce operating costs.
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Under the new plan, Barclays India aims to return through the digital channels by launching a new platform.
The sources told the publication on the condition of anonymity that the digital platform, which will disburse loans and mobilise deposits, will be under the supervision of Barclaycard International CEO Barry Rodrigues.
The re-engagement plan would not to require any additional investment by the lender, the report says.
Barclays denies reports
However, Barclays India office in Mumbai said in an emailed statement to Bloomberg that currently there are no plans to resume its retail banking business in the country.
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By GlobalDataIt also added India continues to remain a ‘key focus market for Barclays’.
Recently, the lender started returning into some key business regions in the Asia-Pacific region including the reopening of its Australian office after two years.
