The Hindu Business Line : BoM, partners get RBI nod for Malaysian venture

Bank of Maharashtra (BoM), in partnership with Bank of Baroda and Oriental Bank of Commerce, has got the RBI approval to establish a joint venture banking company in Malaysia.

These would be subject to complying with the regulations of the host country, an official release from the Bank of Maharashtra said.

Encouraging banks

The Malaysian Government has been encouraging foreign banks to establish their subsidiaries and to undertake banking activities without any restriction on repatriation of capital and remittance of dividend.

The Malaysian Financial Sector Master Plan has provided more avenues for foreign banks.

The joint venture will help the promoter banks to strengthen their presence in South East and Far East countries, it added.

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