SBI among 4 new foreign banks allowed to operate in Myanmar

Posted on:07 Mar 2016 10:36:59
SBI among 4 new foreign banks allowed to operate in Myanmar
07 March 2016 Current Affairs: The State Bank of India is among four new foreign banks given preliminary approval to open 100 per cent-owned branches in Myanmar, the latest move by the Southeast Asian nation to woo investment to the country long ruled by the military and hit by Western sanctions.The four new banks that have been given initial approval by the Central Bank of Myanmar are Vietnam's Bank for Investment and Development, Taiwan's E.SUN Commercial Bank, South Korea's Shinhan Bank and the State Bank of India.The Licensing Committee has decided to grant preliminary approval to prepare for commencement of banking operations in Myanmar to four Foreign Banks.This is the second time Myanmar has allowed foreign banks to open 100-per cent-owned branches inside the country in more than five decades following permits to nine foreign banks in October last year to operate in the country.Both the outgoing military-backed government and Nobel Laureate and Aung San Suu Kyi's incoming National League for Democracy have promised to allow enhanced capital flows to spur investment and promote economic growth.The State Bank of India is India's largest bank and it has branches in major world capitals and leading cities.

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