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Our Bureau

The bank's clients can make online payment of fees to DGFT

Kochi , Sept. 18

Union Bank of India has entered into an agreement with the Director General of Foreign Trade (DGFT) and electronic payment facility has been made available by DGFT for payment of application fees for licensing schemes.

The bank's clients can make online payment of fees to DGFT, view successful payment immediately and take printouts for their record.

E-payment facility

In case the transaction is not successful, refund will also be online into the customers' bank account. Union Bank is one of the few banks offering e-payment facility for licence fees, a release from the bank said.

The bank is also in the process of implementing Reuters' leading edge pricing engine technology. For this, the bank is offering Reuters Trading for Foreign Exchange (RTFX) and Reuters Trading for Bullion (RTFB). Participating in RTFX and RTFB trading platform in conjunction with the deployment of electronic trading pricing engine would empower the export/import customer to have a platform for hedging and trading in foreign currency.

Today, while customers have information platforms such as Reuters Xtra 3000 or similar system from other service providers, such information available to the bank's customers becomes a trade quotation through RTFX and RTFB for instant buying and selling of foreign currency or bullion.

Union Bank is the first among public sector banks to become a market maker for RTFX and RTFB.

While felicitating award-winning clients at the exporters meet organised in Kochi, bank officials explained these new facilities to the exporting community. Mr R. Vishwanathan, Field General Manager and Mr S. Rajendran, DGM, International Banking Division participated in the meet. Ten such interactions have been planned by the bank to reach out to the export-import community.

More Stories on : Public Sector Banks | E-Governance | Foreign Trade | E-Commerce & E-Business

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