Financial Daily from THE HINDU group of publications
Sunday, Dec 07, 2003
Financial Daily from THE HINDU group of publications Sunday, Dec 07, 2003 |
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Money & Banking
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Public Sector Banks SBI launches `Express' links in Mumbai Our Bureau
Mumbai , Dec. 6 THE State Bank of India on Saturday launched `SBI Express' at its Global Link Services at Andheri (E), which functions under the GM (IS) in the International Banking Group. SBI Express aims to give speedy and efficient inward rupee remittances from overseas, and is designed to provide end-to-end electronic funds transfer capability to certain centres. If the beneficiary does not maintain an account in these centres or with the SBI, the bank would issue a draft and courier and deliver the same within 24 hours. The remittances would be received through arrangements with exchange companies and banks, said a press release. The selling point of the product is that it permits a remitter to send funds speedily to any part of the country through the entire SBI network. The entire transaction would be carried out in an secure environment on the bank's own network to ensure safety. The bank would also be able to view the status of the remittances thus considerably enhancing customer service. This service will be of particular interest to individual remitters, especially workers in West Asia, who regularly remit funds to their families back home in India, the release said.
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