India Will Request Kazakhstan To Relax Its Visa Rules

22 Apr 2014

The Indian government is expected to advise Kazakhstan government to relax/loosen its requirements and visa rules for the banking segment.

Punjab National Bank (PNB) has established its branch office in Kazakhstan in 2011. PNB has chosen Kazakhstan as there are increasing financial ties between the two countries.

P Chidambaram, Finance Minister of India has planned to visit Kazakhstan at the end of April. He would request Kazakh officials to help the PNB officials in recovering the dues from the customers of Dana Bank, which the bank acquired in 2001.

The PNB is facing difficulties to undertake the branch operations in Kazakhstan as the banking rules are antiquated. The officials from India are facing troubles regarding the business visas and work permits if they wish to work to that particular branch.

The bank is also facing difficulties because of the slow visa processing procedures. The bank is also facing troubles in getting the visas for the PNB officials as the individuals need to appear for a written test, which is sought to be conducted by the local authorities.

A bank official stated that until and unless the bank receives an order from the local court in favour of the bank, the bank will not be able to recover the dues as they are lacking support from related government departments.

The Indian government would request the Kazakh government to help provide individuals from the banking sector with the long term visas and work permits, just like the current facility that the government is providing to the individuals from the petroleum sector.

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