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K.R.Srivats

New Delhi, Jun 12 After its successful foray into Nepal, Punjab National Bank is now looking at a 51-per cent stake in a banking joint venture in Bhutan, for which it has now received the nod of the Reserve Bank of India.

“We have received RBI’s approval for taking 51 per cent stake in the Bhutan venture,” Mr K. Raghuraman, Executive Director, PNB, told Business Line here.

PNB had recently entered into a Memorandum of Understanding with local promoters in Bhutan for such a venture. Initially, PNB wanted to pick 30 per cent in the joint venture and had received an in-principle nod from RBI. But later, the bank decided to go in for a 51 per cent stake and again approached the RBI for approval.

Indications are that the country’s largest nationalised bank would make an external investment of about Rs 10 crore in the Bhutan venture to begin with.

More Stories on : Overseas Investments | Public Sector Banks | Punjab National Bank

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