Sanjay Nayar in Mumbai on Thursday (PTI)

Mumbai, May 15: Citigroup, which has infused $250 million into its Indian operations this year, is not planning to exit its consumer finance business in the country.

“We are not exiting (the consumer finance business) India. Citi Financial is a large portfolio. We are just repositioning our business in certain segments,” Sanjay Nayar, chief executive officer of Citi India, said.

He was responding to queries on whether Citi Financial was planning to sell its loan portfolio to a few banks because of rising defaults.

Nayar, however, added that the company might “change certain segments”. The group will concentrate on strengthening its operations by realigning its business in the country.

According to the Citi India CEO, while the number of players in the consumer finance business has increased, non-performing assets in this segment have also risen.

Citi has recently raised $ 500 million through its infrastructure fund for investment in the country.