CURRENT AFFAIRS

Detailed explanation-1: -State Bank of India becomes first domestic bank to open branch in Yangon.

Detailed explanation-2: -The State bank of India on Monday became the first domestic bank to open a branch in Myanmar’s capital Yangon, Chairperson Arundhati Bhattacharya said.

Detailed explanation-3: -The banking sector comprises the Central Bank of Myanmar (CBM) which was established pursuant to the Central Bank of Myanmar Law in 1990, 4 other state-owned banks, and 19 domestic private banks. Currently, the sector consists of 27 private local banks, in addition to the four state-owned banks.

Detailed explanation-4: -KBZ Bank is the largest and strongest bank in Myanmar.

Detailed explanation-5: -Several key players dominate Myanmar’s banking industry. The six largest banks: KBZ, AYA, CB, MAB, YOMA, and MWB, account for 82% of the private bank asset.