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New Bank

Apr 28, 2011 (LBO) - 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. State Bank of India and Indian Bank already have branches in Sri Lanka.

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Indian Bank has been expanding 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.

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A branch setting up in Sri Lanka has to bring in 3.

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0 billion rupees of capital.