The Hindu Business Line : UBI, Myanmar banks ink pact

United Bank of India has signed memorandum of understanding with three Myanmar banks — Myanmar Foreign Trade Bank, Myanmar Investment and Commercial Bank and Myanmar Economic Bank. A press release here said UBI is the designated bank in India for routing of border trade transactions with Myanmar through Moreh-Tamu point in Manipur. The developments in economic and political relationship between the two countries have created enormous potential for growth of export-im port trade. “Arrangement for smooth settlement of cross-border transactions is imperative for exploiting such potential. This calls for augmentation of banking relationship between the two countries,” the release said.

— Our Bureau

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