Central Bank Vice-Chairman Soe Thein said that they would impose 7 million kyats fine on private banks if they did not inform them of the opening of new branches.

“They must inform us if they open branches without our permission. They can either close these unauthorized branches or face the fine,” Soe Thein said.

The Vice-Chairman was speaking to reporters after the signing ceremony of an agreement for establishing the first credit information centre, held at Myanmar Banks Association in Yangon on December 10.

The central bank will impose 7 million kyats fine to these banks which do not inform them of new branches and this fine will be increased to 20 million kyats starting from January 2019.

Currently, there are 14 private banks in Myanmar and these banks have opened their branches mainly in Yangon, Mandalay and Naypyitaw.