MobiKwik Payment Gateway: 8 Myanmar Banks Confirmed for Rupee-Kyat Settlement Payments in Myanmar-India Trade

According to Myanmar media reports, information released by the Central Bank of Myanmar indicates that in Myanmar's trade with India, the Myanmar side has proposed the use of the rupee and the kyat for payment and settlement involving 11 banks, including the Myanmar Economic Bank. Of these, eight banks have already received confirmation and approval from the Government of India.

These banks need to utilise the Special Rupee Current Account (SRVA) between the banks of the two countries for making payments in rupees and kyats in bilateral trade between India and Myanmar.

The eight Myanmar banks that have received confirmation and approval from the Government of India include UAB Bank, CB Bank, Global Wealth Bank, Yoma Bank, A Bank, Myanmar Citizens Bank, AYA Bank and Shwe Bank, which have been reconfirmed by the Reserve Bank of India, the central bank of India.

The Central Bank of Myanmar said it will continue to move forward with the approval of the remaining six banks to become designated banks.

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