Jan 22, 2011, 12.26 PM | Source: Reuters
Indian Bank on Friday opened a branch in Sri Lanka's city of Jaffna, in the former northern war zone, aiming to get a piece of the growing post-war reconstruction lending pie.
Indian Bank is the second foreign bank in Jaffna out of a total of 16 banks that have opened branches there since the end of a 25-year civil war in May 2009.
"This is branch for the people to grow economically, especially in the agricultural sector," said T M Bhasin, the chairman and managing director.
Sri Lanka's government is aiming to bring financing and banking services into Jaffna, at the island's northern tip, and the rest of northern Sri Lankato help develop the war-scarred region and integrate it with the rest of the USD 42 billion economy.
Indian businesses have longstanding ties in Jaffna, barely 40 km across the Palk Strait from India southern Tamil Nadu state. The Indian government recently opened a new consulate there.
Allahabad Bank Q3 loss at Rs 486 crore
Total income also declined to Rs 5,030.19 crore du
IDBI Bank raises Rs 1,000 cr from bonds to fund infra projects
IDBI Omni Infrastructure Bonds 2015-16 Series III
Indian Toners consolidated Dec '15 sales at Rs 27.70 crore
Indian Toners and Developers has reported a consol
Sell BoB, Allahabad Bank; Cipla may hit Rs 542: Rajat Bose
Rajat Bose of rajatkbose.com recommends selling Ba
Nifty breaches 7250, Sensex weak; banks drag, Tata Motors falls
Tata Motors, ICICI Bank, Dr Reddy's Labs, Lupin an
Axis Bank appoints V Srinivasan deputy MD
The bank has received approval from RBI for re-des