United Bank of India is designated Banker for Indo –Myanmar trade . It has been facilitating settlement of trade transactions in EURO and Singapore Dollar (SGD)through the account of Banks in Myanmar being maintained with its Mumbai Overseas Branch. The barter trade at Moreh –Tamu is executed with assistance of Moreh Branch of the Bank.
The Myanmar economy is gradually opening up. Looking at the possibility of increased business opportunity in Indo –Myanmar trade Board of Directors of the Bank approved opening of a representative office in Yangoon Myanmar. Reserve bank of India also accorded it’s in principle approval for opening of the representative office. Bank will now seek permission of Central Bank of Myanmar for opening its representative office at yangoon Myanmar.
This will be the maiden venture of a bank incorporated in India to have its presence in Myanmar. The office is expected to be opened during the first quarter of the next financial year.
The proposed representative office will not handle any financial transaction rather the officials will devote for removing all bottle necks in trade settlement process and will work in unison with all other agencies in achieving the target set by the Government in boosting of trade volume from present level of USD 1.5 billion to USD 3.00 billion within next three years.
