Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Money & Banking
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New Products & Services ICICI Bank to offer `InstaTransfer' for Gulf-based NRIs Our Bureau
Chennai , Aug. 28 ICICI Bank would shortly bring in a new money transfer product, exclusively for Gulf-based NRIs, the bank's Head-NRI Business, Mr P. Gopakumar, has said. He told presspersons here that a distinguishing feature of the remittance product, called `InstaTransfer', is that it enables money transfer from the NRI to the beneficiary account in two hours. For offering the product, ICICI Bank has tied up with the `exchange houses' in the Gulf, which are essentially moneychangers. Mr Gopakumar observed that NRIs from the Gulf usually did their remittance transactions in the evenings — a time when most banks would be closed, but the exchange houses would be open. However, by using ICICI Bank's InstaTransfer, the remitter can ensure that the beneficiary (in India) get the money the same day, or at least, the next morning.
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