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Madurai, June 3

Tamilnad Mercantile Bank (TMB) has signed up with UAE Exchange Centre LLC, Abu Dhabi, for money transfer services. The arrangement, which comes into effect immediately, enables NRIs in the Gulf to remit funds to India by sending rupee drafts drawn on the UAE Exchange Centre to any of the 182 branches of the bank. This includes both the traditional draft drawing arrangement and the speed remittance arrangement that provides Web-enabled money transfer in minutes.

The UAE Exchange Centre, established in 1980, has over 260 direct offices and a correspondent relationship with over 100 major banks worldwide. The company handled 4.51 million remittances transaction amounting approximately to Rs 16,000 crore last year. Announcing the tie-up recently, the Managing Director and the Chief Executive Officer of TMB, Mr G. Narayanamoorthy, said the bank has taken a step forward in improving the NRI business, as it has got a significant clientele in the Gulf and the tie-up, besides benefiting them, would help the bank garner a good portion of the sizable remittance market in the Gulf.

Our Correspondent

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