The Hindu Business Line : SIB products for Net-based fund transfer

THE South Indian Bank has introduced two products for fast and hassle-free transfer of money from abroad, in association with UAE Exchange Company Ltd and Wall Street Finance Ltd.

The schemes are Internet-based money transfers whereby the amount of remittances will be disbursed to the beneficiaries in India within a very short time from the time it is remitted abroad, a fax from the bank has said.

The new products have been branded as `Xpress Money' by the UAE Exchange Company Ltd and `Wall Street Instant Cash' by the Wall Street Finance Ltd. The schemes have been made functional in select branches of South Indian Bank for the benefits of NRI clientele and their dependents in India.

The bank has also concluded draft-drawing arrangements with two more exchange houses, Hadi Express Exchange of Dubai and National Exchange Company, Dasma, Kuwait. This will facilitate transfer of remittances to India in a very safe and convenient manner through the wide network of branches of the bank, the fax said.

The bank has so far concluded draft-drawing arrangements with three leading commercial banks and 12 established exchange houses in the Gulf region.

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