The Central Bank of India, a state-owned commercial bank, has announced plans to close 13% of its branches in order to improve its financial health, which has been deteriorating for several years.

By the end of March 2023, the bank hopes to reduce the number of branches by 600 by closing or combining loss-making branches.

According to a government source who did not want to be identified, it is the most dramatic measure the lender has taken to repair its finances, and it will be followed by the sale of non-core assets such as real estate.

Previously, there had been no mention of the branches’ closing. The bank, which has been around for over a century, now has 4,594 locations.