Punjab National Bank is country’s second largest public sector lender bank will be starting its operations in Bhutan by March next year. For this bank has signed up a memorandum of understanding with the local partner in Bhutan.
"We have recently signed an MoU with the a prominent local business house and are in the process of obtaining regulatory approval from the Bhutan for the operation," Punjab National Bank General Manager Ranjan Dhawan told PTI.
The Reserve Bank of India has given the approval to PNB.
He told the JV is having the paid-up capital of Rs 30 crore and has been named as Druk PNB Ltd.
He told that the venture might be operational in the January-March quarter 2009.
He added in the beginning the venture will have two-to-three branches which would be extended in due course of time.
In addition, the bank is also planning of starting overseas operations in four locations - Norway, Dubai, Shanghai and Singapore in the near future.
The bank has submitted an application for regulatory approval for a representative office in Norway.
RBI has already given approval for the up gradation of the bank's Shanghai (China) representative office to a branch.
Further PNB has plans of up gradation of its representative office in Dubai International Financial Centre (DIFC) into a branch.
Simultaneously, the bank has walked out of the Malaysian joint venture led by Bank of Baroda.
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Hi, does anyone have an email address for the new bank in Thimphu or a phone number? thanks, Craig.
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