United Bank of India, the designated Banker for Indo-Myanmar trade has got the Reserve Bank of India's nod for opening a representative office in Myanmar.
This will be the maiden venture of a bank incorporated in India to have its presence in Myanmar, a bank release said. The office is expected to be opened during the first quarter of 2012-13. The proposed representative office will not handle any financial transaction but will devote itself to removing bottlenecks in trade settlement process and will work in unison with all other agencies in achieving the target set by the government in doubling trade volume to $3 billion in the next three years.
Keywords: Union Bank of India