Kerala based, Lord Krishna Bank ties-up with
Doha's Arabian Exchange (AEC) for NRI Business


New Delhi. 23 June , 2004
Ashok Mehta

Kerala based bank, Lord Krishna Bank announced its tie-up with Doha's Arabian Exchange Company (AEC) for inward Telegraphic Transfer (TT) remittance from Qatar through all its branches in India, enabling expatriate Indians to send money back home at the lowest cost.

The Arabian Exchange Company will also issue DDs in Indian rupees payable at Lord Krishna Bank's branches. NRIs maintaining accounts with Lord Krishna Bank's branches will receive credit against remittances within 24 hours.

''With such agreements in other countries in the offing, we hope to see a surge in remittance business and growth in NRI deposits in the months to come,'' Lord Krishna Bank MD and CEO R M Nayak said in a statement.

TheLord Krishna bank already has similar agreements with Al Ansari Exchange and UAE Exchange in Abu Dhabi, Wall Street and Federal Exchange in Dubai besides remittance facility through several banks all over the world.

Lord Krishna Bank is also making payments to beneficiaries in India against inward money transfer from mover 180 countries as per arrangement with USA's Western Union Financial Services.

Lord Krishna Bank Ltd. has registered strong business growth of 33% during the fiscal 2003-04. The net profits of the bank increased by 14.32% to reach Rs 26.35 crores. Total deposits of the Bank registered impressive growth of 39% during the year (from Rs.1663 crores to Rs.2311 crores). Advances of the Bank also showed growth during the fiscal from Rs.941 crores to Rs.1146 crores, an increase of 22%, according to its annual results for the fiscal 2003-04 that was declared today.

The 64 year old Kerala based bank has today 106 branches spread in 11 States and U.T of Chandigarh. To reach out more customers and offer them innovative services and financial products, the bank is opening more fully automated branches across the country. The Bank has opened 10 branches since 31.03.2003.Further the bank holds license for opening 8 more new branches spread over India during the current fiscal.