The Hindu Business Line : SIB enters deal with Al Razouki

COIMBATORE: To ensure safe and speedy transfer of funds particularly to its NRI clientele, the Thrissur-based South Indian Bank Ltd (SIB) has struck a deal with Al Razouki International Exchange in West Asia. The arrangement with Al Razouki International although is not the first of its kind for SIB. The bank already has Draft Drawing arrangement with four international banks and 17 exchange houses.

Al Razouk-SIB tie-up would (in addition to the existing arrangement) facilitate drawing of rupee drafts in the 138 designated branches of SIB. The speed remittance facility (branded SIB Express) that the bank concluded with the said exchange is aimed at enabling electronic transmission of funds, almost instantaneously to the beneficiaries of SIB's on-line branches.

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