SBI to operate in Myanmar

Q.  Which of the following banks from India was allowed to operate in Myanmar?
- Published on 07 Mar 16

a. ICICI
b. SBI
c. Bank of India
d. HDFC

ANSWER: SBI
 
  • The State Bank of India is among four new foreign banks given preliminary approval to open 100 per cent-owned branches in Myanmar.
  • Earlier 9 banks were given approval. With these 4 the total now is 13.
  • SBI is the only Indian bank among the 13.
  • This assumes significance as Myanmar is a country with a lot of opportunity and was till now ruled by the military and hit by Western sanctions.
  • With India’s North-East connected to Myanmar, It opens road to development of the North-East.

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