The South Indian Bank, one of India’s leading private sector banks, has tied up with a money exchange firm in Muscat to facilitate transfer of funds to India. The bank has a network of 475 branches in India.
The SIB Express facility addresses NRI
remittances to India to the NRE deposits held by Indians working in Oman.
The express facility expedites remittance of money to India
in less than 30 minutes. Holding NRE
deposits worth Rs. 3,200
crore, the leading Kerala based bank has garnered 9% of total
NRI remittances to India.
The deal was signed with the Oman-UAE Exchange by Chairman and
CEO of SIB, Dr. V.A.Joseph, Director, G.A.Shenai, Deputy General
Manager K.S.Krishnan, and Assistant GM C.T.Devis.
The South Indian Bank is known for its focus on NRI deposits,
and initiated the establishment of an exclusive branch for NRIs in India in 1992. The numbers have grown since, with SIB having
more NRI branches than any other bank in India.
The bank is in
the process of upgrading its technology through the SIBertech
project in collaboration with Infosys Technologies, Wipro and
HCL to offer "anywhere banking" facilities to NRIs.
Fully automated, the SIB has an extensive network of core banking
branches in India with an investment of Rs. 44 crore. IDRBT,
the technology arm of the Reserve Bank of India recently awarded
a special award for excellence in banking technology to the bank,
specifically for Information Security Policies and Practices.
