Question
Download Solution PDFAccording to Reserve Bank of India, which is a foreign Bank in India from following-
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Sonali Bank Ltd.
Key Points:
- There are 1230 branches total for Sonali Bank.
- The Dinajpur Board Branch branch is the most recent to begin operations.
- 67 of them are in urban areas, 746 are in rural areas, and two are abroad.
- For the purpose of facilitating remittances in foreign currencies, it also runs the Sonali Exchange Company Inc. in the USA, Sonali Exchange in Dubai (UAE), Sonali Bank (UK) Ltd. in the United Kingdom, Hong Kong (HAR), and Singapore.
- Including Dhaka, Chittagong, Sylhet, Moulvibazar, Beanibazar, Balaganj, Biswanath, Jagannathpur, Sunamganj, Gopalganj, Nabiganj Upazila, Hobigonj, Kulaura, Tajpur, Sonali Bank UK sends money directly to up to 25 locations in Bangladesh.
- The Reserve Bank of India claims that Sonali Bank is a foreign bank operating in India.
Additional Information:
- By combining and nationalizing the National Bank of Pakistan, Bank of Bahawalpur, and Premier Bank branches that had been located in East Pakistan before the 1971 Bangladesh Liberation War, Sonali Bank was founded in 1972 under the Bangladesh Banks (Nationalisation) Order.
- Sonali Bank had a paid-up capital of 30 million taka when it was founded.
- Dr. Atiur Rahman was a director of Sonali Bank from 1996 to 1999.
- In 2001, it had a paid-up capital of Tk 3.272 billion and an authorized capital of Tk 10 billion.
- Its authorized and paid-up capital are currently 10 and 9 billion Bangladeshi taka, respectively.
- On June 30, 2000, the bank's reserve funds were Tk 2.050 billion, up from Tk 60 million on June 30, 1979.
Last updated on Jul 11, 2025
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