Business Daily from THE HINDU group of publications
Saturday, Aug 19, 2006
Business Daily from THE HINDU group of publications Saturday, Aug 19, 2006 |
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Money & Banking
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Private Banks IndusInd ties up with two Gulf banks Our Bureau
MR BHASKAR GHOSE
Banglaore , Aug. 18 IndusInd Bank has tied up with two Gulf region banks for expanding its retail banking to garner a larger proportion of NRI customer base. The bank, following a different route to conduct business operations by tying up with Union National Bank (UNB ), UAE, and Doha Bank, Qatar, hopes to leverage its partners' reach influence and to use their branch networks for the distribution of its retail products and services to NRIs, said Mr Bhaskar Ghose, Managing Director and CEO of IndusInd Bank. Addressing a press conference here on Friday, Mr Ghose said the model would help his bank use a cost-effective medium, instead of opening a physical branch in that region. He said UNB has 27 branches in UAE and Doha Bank is quite strong in its country, which would help IndusInd Bank offer a comprehensive range of services to NRIs, including remittances, loans (in India and elsewhere), wealth management and advisory services. On the bank's other retail initiatives, Mr Ghose said IndusInd Bank would be finalising a tie-up with three more echange huses in the UAE, Kuwait, Bahrain, Qatar and Oman for speedy fund transfer to its NRI customers. With this addition, the bank would be operating through 20 echange huses to expand its service reach. The bank recently launched two new products — Instances and Xpress Money — to enable cash payments to non-customers, he added.
Shifting gears
Announcing its latest product, Mr Ghose said a deposit scheme carrying an interest of 8.5 per cent would give income tax benefit under Section 80 C up to Rs one lakh per year. The term deposit, however, would have a lock-in period of five years.
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