By IANS
Bangalore : Syndicate Bank has entered into an agreement with the Abu Dhabi-based UAE Exchange Centre for remittances by Indian expats and firms from the Gulf countries.
According to a bank statement here Tuesday, the alliance will enable the expats to remit money to their families back home through the bank’s speed remittance products such as Syndicate-e-remit, Syndicate-e-draft and Syndicate MT (money transfer) at competitive prices through the UAE exchange network.
“The tie-up opens another convenient and cost-effective channel for Indian diaspora for sending money to their relatives or friends in the subcontinent instantly using the RTGS (real time gross settlement) system,” Syndicate Bank chairman and managing director C.P. Swarnakar said.
UAE Exchange managing director and CEO B.R. Shetty, who signed the agreement with the bank, said the tie-up would help millions of Indians working in the Gulf region to minimise delays in remitting funds to their near and dear ones speedily. Even companies doing business in the region or India can make use of the facility.
“With about 250 offices worldwide and $3 billion remittances to India annually, accounting for 15 percent of the total transferable funds, we hope the tie-up will increase payments and benefit recipients in quick time,” said Shetty, who was honoured with the Pravasi Bharatiya Samman award early January.
Positioned as a leading exchange house in the Gulf, focusing on money transfers and money exchange, the centre is a part of the NMC group, a business conglomerates in the region.
“We have pioneered new standards in fund transfer services since the exchange was set up in 1980, staying ahead of competition with advanced and slick enhancements in technology, operations and customer service spheres,” Shetty, who hails from coastal Karnataka, pointed out.
The exchange’s services include draft/cheques, swift transfers, express transfers, Western Union money transfers, travelex money transfers, credit card settlement services and cash advances, inter-Emirates money transfers, purchase and sale of foreign currency bank notes and traveller’s cheques in retail and wholesale.
“The fight against money laundering and terrorist financing is a priority for our exchange. We maintain a sound regulatory environment and have earmarked ample resources to practise corporate governance,” Shetty said.