Citibank tells Indian retail customers its ‘business as usual’

As part of this strategy the financial services company plans to exit the credit card, retail accounts and mortgage (home loan) business in India

Citigroup’s franchise in the country, which includes Citibank India and its consumer banking business and credit cards division, continues to operate as usual, a company official said. The official, who was providing a clarification on the impact to customer operations as a result of Citigroup’s recent announcement that it planned to exit the retail banking business in 13 markets including India, referred to a recent statement by Citibank India. The official also added that customers of the consumer bank would be able to avail of their usual services till a buyer or buyers were found for the business, after due approval from the Reserve Bank of India (RBI). “There is no immediate change to our operations and no immediate impact to our colleagues as a result of this announcement,” Citibank India CEO Ashu Khullar said in the statement. “In the interim, we will continue to serve our clients with the same care, empathy and dedication that we do today,” he asserted.