Public sector lender, Indian Bank has received approval from Central Bank of Sri Lanka for setting up its branch in Jaffna. The information was revealed by CMD of the bank, TM Bhasin.

In his Sri Lanka visit, Bhasin had drawn the model of operation of the Jaffna branch and said that it would be different from others. The branch would focus on forming as well as lending out to self help groups (SHGs) for their upliftment mainly in sectors like agriculture, fishery and dairy.

The earnings from Jaffna branch would be utilised there itself for improving the living conditions of the natives and thus aid in economic development.

The bank has already received approval from RBI in this regard.

The lender plans to set up two more branches in Sri Lanka in Batticaloa and Trincomalee by the end of next year. The branch in Colombo has a balance sheet of 5 billion Sri Lankan rupees which it aims to get doubled in the coming year.