Barclays Bank's fat cats are to be awarded bonuses that would make your eyes water the same month as the doors of two branches in the region have been closed for good.

The bank's top executives have been offered enormous pay rises and share options believed to be worth up to 36 times their basic salary.

Oxford-educated chief executive of retail financial services John Varley could receive share options worth more than 22m.

The hand-outs come in the wake of the bank's announcement of record profits of 2.5bn and the proposed introduction of an Incentive Share Option Plan. Ironically, this month the bank is closing 171 local branches across the country - one in Horsefair, at Banbury, and one at Middleton Cheney, just over the county border, in Northamptonshire - reflecting the continued decline of services in rural areas.

Building society Nationwide is considering the commercial viability of installing cash machines in 70 of the areas affected by the closures.

Of course, Barclays is run for profit and not for charitable reasons but questions have to be asked about a organisation which disregards the needs and wants of so many of its customers to this extent.

Indeed, if those record profits had been ploughed back into the business rather than put into the back pockets of the fat cats there would, quite probably, have been no need to close nearly 200 branches. But times, we are told, are changing.

Bank bosses argue that the closures only reflect the growing trend away from branch banking as more and more people complete their transactions either over the telephone or by using the Internet.

In fact a total of one million Barclays Banks account-holders are expected to have signed up to do their banking over the Internet by the end of the year.

Barclays spokesman Linsey Potter says: "The reason why we have closed these 171 branches is because of the changes in the way customers want to bank with us.

"They want to use cash machines, the Internet and the telephone for their transactions. "Ultimately, we do need to run things for profit so we closely monitor the performance of our branches. We cannot rule out further closures."

But choosing to use the Internet or telephone is different from being forced to do so and though many young people use computers on a daily basis and have confidence in the technology, many older people are not quite so able to adapt. Branch closures leave the technophobes with little alternative than to get in the car and drive several miles to their nearest branch or undertake a lengthy bus ride - both solutions with a high environmental cost.

The Council for the Protection of Rural England says that in some respects the heart is being torn out of many local communities with the closure of local branches. Spokesman Gregor Hutcheon says: "The bank plays an essential role in the economy of the countryside, underpinning the local community.

"It is part of the economic web of a rural area and is used by farmers, small local businesses as well as residents. Alternative ways of banking have recently been introduced, such as Internet banking. However Internet banking is quite exclusive and not available to everyone. It is those most in need in society who will be hardest hit.

"For example many older people will be forced to travel some distance in order to be able to withdraw some money. Some may have trouble paying the extra bus fare." Barclays says that if it doesn't move with the times then it could either end up suffering the same fate as Rover and go out of business or risk following in the footsteps of its competitor NatWest Bank which was recently taken over.

It's looking as if there's no danger of that happening. Bank bosses are hoping to double Barclays' profit every four years by cutting 1bn out of costs and enhancing revenue. Other money-making scams include charging non-account holders to use Barclays' cash machines. *Is it right that massive businesses like banks should turn their backs on local communities? Or do you think it's time to move with the times and embrace Internet banking? Call Zahra Borno on 01865 425432