Indusind Bank launches "E-Remittance" facility with Doha Bank, Qatar

Indusind Bank Ltd on October 11, 2006 has announced that the launch of its "E-Remittance" facility in partnership with Doha Bank. Shri. Vayalar Ravi, Hon'ble Minister for Overseas Indian Affairs, was the Chief Guest.

Speaking on the occasion, Mr. Bhaskar Ghose, Managing Director & Chief Executive Officer, of the Bank, said "Our partnership initiatives with select exchange companies and banks in the Middle East have made remittances swifter and more cost effective. We are poised to serve NRIs and their families better with this seamless, electronic funds-transfer service with a reach of over 24000 bank branches currently in the RTGS network".

Through this, both banks will focus primarily on the business opportunities generated by Non-Resident Indians in Qatar and the Middle East. The Bank and Doha Bank will treat each other as preferred partners, with reciprocity of business flows and promotion of each other’s banking services.

The key features of the "E-Remittance" facility are:

1. No charges for remittance to accounts maintained with the Bank.
2. Nominal charges by Doha Bank.
3. No deduction of charges from the amount payable to the beneficiary.
4. No upper ceiling on remittances.
5. Trade remittances up to a ceiling of Rs 2,00,000/-.
6. No restrictions on the number of remittances.
7. Credit to the account of a beneficiary with the Bank immediately.
8. Credit to a beneficiary account with RTGS-enabled branches of other banks in India within two hours.
9. Centralised operations at the International Division of the Bank.

Apart from this initiative, seventeen exchange houses from the UAE, Kuwait and Oman have entered into arrangements with the Bank to provide convenient, cost-effective, and quick funds-transfer facilities to NRIs. The Bank also caters to the other banking and financial needs of expatriate Indians through NRE and FCNR deposits, e-broking, direct investment in Mutual Funds, and other related third-party distribution products and services.

Source : Equity Bulls

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