Regulatory Alerts2014-07-31
Regulation for Farmer Development Bank
The Union of Myanmar Central Bank issued Regulation No. 3/2014 to establish and govern the Farmer Development Bank as a public limited company. The regulation mandates a minimum capital of 20,000 million kyats, defines permitted banking activities for rural development, and establishes a board of directors comprising state-appointed and shareholder-elected members. It further outlines compliance obligations regarding financial reporting, auditing, fund management, and loan restrictions for related parties.
Share