Central Bank of Myanmar will take action against private banks for opening branches without acquiring permission

The Central Bank of Myanmar will take action against private banks that opened branches without acquiring permission, said U Soe Mine, Vice President of Central Bank.

He included these comments in his explanation to the parliament session on Pyithu Hluttaw Public Account Joint Committee’s findings and feedback report (7/29/18) on Auditor General Office’s 2016-2017 report.

“According to the decision of the Central Bank of Myanmar’s board of director’s meeting, we are planning to fine private banks that opened branches without acquiring permission from the central bank,’’ he added.

The Auditor General Office recommended that the Central Bank needs to monitor private banks which are financial institutions.

KBZ bank is one of the leading local banks. They have the highest bank branches among local banks, and they are also one of the banks which has opened branches without acquiring proper authorization.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/central-bank-take-action-against-banks-opening-branches-without-permission )

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