The Hindu Business Line : Corporation Bank ties up with MCX

Mr V.K. Chopra (left), CMD, Corporation Bank, and Mr Venkat R. Chary, Chairman, Multi Commodity Exchange of India Ltd, at a press conference in Mumbai on Friday. - - Shashi Ashiwal

Mumbai , Aug. 26

THE Mangalore-based Corporation Bank is set to make its overseas foray with a representative office in Dubai, for which it is likely to get approval within two to three weeks, said Mr V.K. Chopra, Chairman and Managing Director.

"We want to offer more banking services to the sizeable NRI population in the Gulf," Mr Chopra said.

NRI deposits form about 15 per cent of the bank's total deposits and bulk of the NRI deposits come from Gulf. The bank also has tie-ups with seven exchange houses in the UAE to offer money remittance to India.

Mr Chopra was speaking on the sidelines of a news conference to announce the launch of clearing bank facility for Multi-Commodity Exchange of India Ltd (MCX), here on Friday. The bank would open the clearing accounts with electronic debit facility for the brokers who are members of MCX.

The bank would also offer other need-based facilities to brokers such as overdraft and bank guarantee. Thus, the tie-up will also open up more investment opportunities for the bank, Mr Chopra said.

The service would be available in 479 branches, which are part of the Core Banking Solution network.

"There are over 1,000 brokers who are members of MCX. We hope to bring the maximum number of brokers within our bank. The bank will benefit from the large current balances that brokers will have to maintain with us," Mr Chopra said.

Mr Chopra also announced the launch of Corporation Bank's online Euro remittance for NRIs in Germany. The bank has tied up with Payquick and Deutsche Bank to provide this facility. Currently, the bank offers US dollar remittance facility for NRIs in US and sees about 300-500 remittances per month.

Corporation Bank hopes to add 60 branches in this fiscal, which will take the total number of branches to 837.

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