Business Daily from THE HINDU group of publications
Tuesday, Mar 18, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 18, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Money & Banking
-
Overseas Investments
Our Bureau Mangalore, March 17 Oriental Bank of Commerce is planning to make its overseas foray with a representative office in Dubai in the next three to five months. Addressing presspersons here on Monday, Mr Allen C.A. Pereira, Executive Director, said that the bank has permission from the Reserve Bank of India to open a representative office in Dubai. The bank has applied for licences with the financial authorities in Dubai. They have asked the bank to submit the documents, he said. “Our estimate is that in the next three to five months, we may be able to set up our representative office in Dubai,” Mr Pereira said. The bank is setting up an all-India centralised NRI cell in Delhi. The idea of setting up this cell is that any NRI from any part of the world can send remittance to any account in India. “We are trying to arrange correspondent bank in the US and Europe for this,” he said. POST-GTB MERGERAsked about the recovery of bad debts of Global Trust Bank (GTB) which was taken over by Oriental Bank in 2004, Mr Pereira said of the 1,300-crore bad debts of GTB almost Rs 900 crore has been recovered. Money of the depositors of GTB has also been protected. “All the employees, who were working with GTB and wished to continue with Oriental Bank, were absorbed,” he said. On its insurance joint venture with Canara Bank and HSBC group, he said the venture has applied for R1 with IRDA. “Once R1 is cleared, we will file R2,” he added. More Stories on : Overseas Investments | Public Sector Banks | Oriental Bank of Commerce
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|