India's Axis Bank has been given preliminary approval to set up a unit in Sri Lanka, with a formal license to be given after the bank meets regulatory requirements, an official said.
Sri Lanka Central Bank's director of banking supervision Yvette Fernando said a provisional letter of approval has been issued to Axis Bank with requirements to be met by the end of the year.A branch setting up in Sri Lanka has to bring in 3.0 billion rupees of capital.
State Bank of India and Indian Bank already have branches in Sri Lanka. Indian Bank has been expanding.
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