Financial Daily from THE HINDU group of publications
Thursday, May 16, 2002
Financial Daily from THE HINDU group of publications Thursday, May 16, 2002 |
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Money & Banking
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New Products & Services FedFast to speed up Gulf NRI remittances Our Bureau
KOCHI, May 15 THE Aluva-based Federal Bank recently launched FedFast, a speedy remittance facility for NRIs, which offers transfer of funds from West Asia in a matter of minutes, the bank Chairman, Mr K.P. Padmakumar, said at a press conference here. NRI deposits have recorded a handsome growth of 23 per cent and constituted 44 per cent of the total deposit base of the bank. The introduction of FedFast is expected to increase the volume of NRI deposits held with the bank even further. The bank has already entered into an understanding with three exchange companies for the purpose of expediting NRI remittances from the Gulf. It is planning to tie up with seven to eight other exchange companies during the course of the current year. "This plan will become a reality when RBI gives the requisite clearances," the Chairman said. Further extending its reach and depth into rural and semi-urban Kerala, Federal Bank will be installing 150 ATMs during the current year.
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