Bhutan to get private bank next year (Economy)

New Delhi, August 24: India’s second largest public sector lender Punjab National Bank is likely to extend its branch in Bhutan by March next year. A memorandum of understanding for this work has already been signed with the local bank in Bhutan.

PNB, tying commercial relation with a major business house in Bhutan, is waiting an approval from the Bhutan government for operation. This will be the first private commercial bank in Bhutan.

The JV with the paid-up capital of Rs 30 crore has been named as Druk PNB Ltd, for which the bank has received regulatory approval from Reserve Bank of India.

PNB hopes to begin two to three branches in Bhutan at a time. Bhutan News Service