Financial Daily from THE HINDU group of publications
Friday, Oct 07, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 07, 2005 |
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Money & Banking
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Private Banks UTI Bank ties up with UAE Exchange Centre Vimala Vasan
Abu Dhabi , Oct. 6 UTI Bank plans to set up a representative office in the UAE and hopes to garner a good portion of the sizeable remittance market in the Gulf through a new tie-up with the UAE Exchange Centre. Mr P.J. Nayak, Chairman and Managing Director of UTI Bank, who made a brief visit to Abu Dhabi on Wednesday, told Business Line that the bank had applied to the UAE Central Bank for a licence to open an office in the UAE. "We are hopeful that the licence will be granted in the near future," he said. The bank has a significant NRI clientele in the Gulf, with Gulf NRIs accounting for 28 per cent of its overall NRI deposits. The UAE is its biggest market in the region, the official said. UTI Bank has signed an MoU with the UAE Exchange Centre for routing remittances to India. The new product "SETU" (seamless electronic transfers from UTI Bank) aims at electronically crediting remittances to beneficiary accounts across India. Mr Nayak said the UTI Bank is the first Indian bank to offer this service to the NRIs through its new arrangement with the UAE Exchange Centre. "We wanted to take forward the remittance business through this tie-up. Clients approaching the centre in the UAE to remit before 11-30 a.m. can hope to have their remittance transferred the same day to their destination in India through this facility," he said. "In the present market scenario, remittances are either slow and cheap, or fast and expensive. Our objective is to leverage technology in achieving the balance to provide fast and low-cost remittance to India," he added. This product supplements the existing direct credit facility to the UTI Bank accounts. With the launch of SETU, the UAE Exchange brings in its folds a large number of banks – over 80 banks with a network of over 10,000 branches across India – to serve the growing needs of the remitting customers. This vast network through UTI Bank for real time gross settlement (RTGS) facilitates numerous customers holding accounts of different banks. UIT Bank is also one of the main distributors in India for the Xpress Money product of the UAE Exchange. UTI Bank is also offering portfolio services for NRIs interested in invested in the capital and secondary markets in India. Mr B.R. Shetty, Managing Director and Chief Executive Officer, UAE Exchange Centre, stated, “We are pleased to launch SETU with UTI Bank. With UTI Bank we identify a strong synergy of enhanced customer service and upgraded technological skills.” With this new arrangement, account holders of ABN Amro Bank, American Express Bank, Andhra Bank, Bank of India, Bank of Baroda, Bank of Maharashtra, Central Bank of India, Canara Bank, Citibank NA, Dena Bank, HDFC Bank, HSBC, ICICI, IDBI, Indian Overseas Bank, Standard Chartered Bank, Punjab National Bank, State Bank of India, syndicate Bank, Union Bank of India, The Sangli Bank, Federal Bank among other leading banks will benefit enhanced remittance service.
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