The Hindu Business Line : Lord Krishna Bank ties up with Doha exchange firm

LORD Krishna Bank has announced that it has tied up with Arabian Exchange Company in Doha, to facilitate remittances from Qatar to all its branches in India.

This will enable expatriate Indians in Qatar to remit money back home quickly and at the lowest cost possible. As per the terms of the agreement signed with Lord Krishna Bank, the exchange company would also issue demand drafts in Indian rupees payable at Lord Krishna Bank branches, as well as receive credit against remittances made in Qatar within 24 hours.

Said Mr R.M. Nayak, Managing Director and CEO of Lord Krishna Bank: "Convenience and fast remittances are what we aim to provide to our customers with this initiative. With more such agreements in other countries in the offing, we hope to see a surge in our remittance business and growth in NRI deposits in the months to come."

In the coming months, Lord Krishna hopes to go in for similar remittance agreements in other Gulf countries. The bank already has such agreements with Al Ansari Exchange and UAE Exchange in Abu Dhabi and Wall Street and Federal Exchange in Dubai.

The bank is also making payments to beneficiaries in India against inward money transfers from over 180 countries as per its arrangement with Western Union Financial Services, US, a press release issued here has said.