Syndicate
Bank signed with Bahrain National Finance and Exchange
Co WLL to grab NRI remittance
Bahrain, April 19, 2005
India-based Syndicate Bank yesterday signed an agreement
with the National Finance and Exchange Co WLL, Bahrain
to enable it to offer remittance services to Indian
expatriates in Bahrain.The agreement was signed by
Syndicate Bank chairman and managing director N Kantha
Kumar, international banking division general manager
D C Pai and National Finance and Exchange Co chairman
Haron Naji Cohen at the latter's head office, in Manama.
Also present at the signing were National Finance
and Exchange Co consultant C N Bhatia and operations
and business relations head K Rangarajan.
The arrangement will allow Syndicate Bank to offer
their remittance products, Syndicate e-Draft and Syndicate
e-Remit, through National Finance and Exchange Co
in Bahrain.
They can then be drawn on all of Syndicate Bank's
1,799 branches in India. Syndicate e-Draft is a facility
for National Finance and Exchange Co to transmit the
remittance.
The data is filed electronically to the Syndicate
Bank's International division in Mumbai, where the
direct debits are instantly printed on the same day
and couriered to the customer's bank or home address.
Syndicate e-Remit is another facility for the exchange,
where the remittances for Syndicate Bank customers
are credited within 24 hours in India.
The agreement will enable Syndicate Bank's Non-Resident
Indian (NRI) customers to receive immediate credit
in around 200 of Syndicate Bank's centres..(Source:gulf-daily-news)
