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Our Bureau

Kochi , March 14

AS part of its centenary celebrations, Corporation Bank has launched three online remittance products, Corp X'press money, Corp Quick Remit and Remittance Through Exchange Houses.

Mr V.K. Chopra, Chairman and Managing Director, during the launch, said that with these products, NRIs from the Gulf countries, the US and Canada can now send money here through Corporation Bank online.

Corp X'press Money is meant for the NRIs in the Gulf countries and is partnered by the UAE Exchange Company. Amounts of Rs 50,000 or less can be remitted by a customer in the Gulf and can be accessed by the beneficiary in India through 100 branches of the bank.

Corp Quick Remit is targeted at the NRIs in the US and Canada. The facility is partnered with the Bank of New York and the online service provider is Pay Quick.

Remittance through exchange houses is a product under which NRIs can make payment to exchange houses giving beneficiary details and the beneficiary account will be credited by the third day of remittance. While the average cost of a demand draft for similar amounts used to range in between $24 and $40, the cost of the online remittance would be $10 to $12.

Addressing the press conference, Mr Chopra said that the bank is in the forefront in offering value-added and innovative products and services to its customers and the launching of the three remittance services in one more step in that direction.

The bank will shortly be launching a new remittance product for the NRIs of Europe and Britain that would enable them to remit money in euro. The RBI has given approval to the scheme and the bank is in the process of tying up the project.

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