Financial Daily from THE HINDU group of publications
Friday, Sep 26, 2003
Financial Daily from THE HINDU group of publications Friday, Sep 26, 2003 |
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Money & Banking
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Public Sector Banks PNB offshore banking unit in Mumbai Our Bureau
New Delhi , Sept. 25 PUNJAB National Bank (PNB) today opened its first offshore banking unit (OBU) in SEEPZ, Mumbai. The OBU, inaugurated by the Chairman and Managing Director, PNB, Mr S.S. Kohli, would provide access to units and developers in special economic zone (SEZ) to international finances at international rates. It would also provide efficient services to NRIs. OBUs permitted to be set up at to SEZs would be virtually foreign branches of Indian banks, but located in India and would be exempt from CRR & SLR requirements. PNB would also open another OBU at special economic zone in Noida shortly, according to a bank press release.
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