PNB to open branches in UK, Canada and Singapore

Shimla, Apr 29 (UNI) The Punjab National Bank (PNB) has received the Reserve Bank of India (RBI) approval for opening of offices and subsidiaries in the United Kingdom, Canada, Singapore and Hongkong, Bank's Chairman-cum-Managing Director (CMD) S C Gupta said today .

After receiving the approval, steps have been initiated for the early opening of these offices, he said in an official release here.

Mr Gupta said the bank already has a branch at Kabul and representative offices at Shanghai and Dubai.

The bank has also set up an offshore banking Unit at SEEPZ, Mumbai to cater to the needs of the units in Special Economic Zones (SEZ) and SEZ developers, he said.

The bank had also entered into the Rupee Drawing Arrangements (RDAs) with 19 exchange houses in West Asian countries and Singapore to facilitate NRI remittances to their families in India he added.

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