A more business friendly environment in Myanmar convinces the United Bank of India to do more business there.
UBI is requesting permission from the Central Bank of Myanmar to open a representative office at Yangoon, the nation’s capital. The Reserve Bank of India, the central bank, recently approved this proposal.
The UBI office, which will open in June, is expected to facilitate the dismantling of barriers in the trade settlement process and will work with other agencies to achieve this goal. UBI's office in Myanmar will be the first for an Indian bank in that country.
The gradual liberalization of Myanmar’s economy has led to improved business opportunities for Indian businessmen. The trade volume between India and Myanmar is at US$1.5 billion.
UBI's office could contribute to boosting Indo-Myanmar trade to US$3 billion within next three years. State-owned UBI is the designated banker for Indo-Myanmar trade and has been facilitating the settlement of trade transactions in Euro and Singapore dollars.
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