Reported by: banking|Updated: October 5, 2016
State Bank of India reopened its branch in Yangon after gap of 53 years. It will be the first Indian bank to have operations in Myanmar. Arundhati Bhattacharya, chairman of the bank and Khin Saw Oo, vice governor of the Central Bank of Myanmar, were present at the function launching the branch operations. The bank now has operations in 37 countries. Bhattacharya said the bank intends to become an important link in trade and commerce relations between India and Myanmar. The bank received banking license from the Myanmar central bank early in 2016. It will focus on offering wholesale banking services to corporates. Marking the inauguration of the branch, Bhattacharya donated equipment for the recreation of cancer-affected children at the Children Yangon Hospital.