Financial Daily from THE HINDU group of publications
Tuesday, Feb 24, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 24, 2004 |
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Money & Banking
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Private Banks SIB ties up with Dubai exchange house Our Bureau
Kochi Feb. 23 THE Thrissur-based South Indian Bank has entered into a tie-up with Wall Street Exchange Centre, LLC, an established exchange house in Dubai, for commencement of rupee drawing arrangements. This move is expected to hasten clearance of demand drafts and remittances between the bank customers in Dubai and those in India. The scheme envisages draft-drawing arrangements in 150 designated bank branches in all the main centres in the country. The speedy remittances will cover all the networked branches and the beneficiaries' accounts will be credited within 24 hours of the remittance from abroad. The bank has thus far concluded remittance arrangements with 14 reputed exchange companies and three leading commercial banks in the Gulf countries.
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