PNB gets nod for JV in Bhutan

Mumbai | Updated: Dec 30 2008, 06:26am hrs
State-run Punjab National Bank on Monday said that it received regulatory approval from the Royal Monetary Authority of Bhutan for setting up a bank in joint venture with the Bhutanese Promoters.

The Royal Monetary Authority of Bhutan has accorded in-principle approval for setting up Druk PNB Bank Ltd, a joint venture bank between PNB and Bhutanese Promoters, PNB said in a filing to the Bombay Stock Exchange. Earlier this year, the country's second largest public sector lender had said it has signed a memorandum of understanding with the Bhutanese counter part, for which the bank had received approval from the Reserve Bank of India.

The JV entity - Druk PNB Bank Ltd - would have a paid-up capital of Rs 30 crore and should be operational in the January-March quarter of 2009. Besides, the bank is also eying overseas operations in Norway, Dubai, Shanghai and Singapore.

Agencies