Kerala based, Lord
Krishna Bank ties-up with
Doha's Arabian Exchange (AEC) for NRI Business
New Delhi. 23 June , 2004
Ashok Mehta
Kerala based bank, Lord Krishna Bank announced its tie-up with Doha's
Arabian Exchange Company (AEC) for inward Telegraphic Transfer (TT)
remittance from Qatar through all its branches in India, enabling
expatriate Indians to send money back home at the lowest cost.
The Arabian Exchange Company will also issue DDs in Indian rupees payable
at Lord Krishna Bank's branches. NRIs maintaining accounts with Lord
Krishna Bank's branches will receive credit against remittances within
24 hours.
''With such agreements in other countries in the offing, we hope to
see a surge in remittance business and growth in NRI deposits in the
months to come,'' Lord Krishna Bank MD and CEO R M Nayak said in a statement.
TheLord Krishna bank already has similar agreements
with Al Ansari Exchange and UAE Exchange in Abu Dhabi, Wall Street and
Federal Exchange in Dubai besides remittance facility through several
banks all over the world.
Lord Krishna Bank is also making payments to beneficiaries in India
against inward money transfer from mover 180 countries as per arrangement
with USA's Western Union Financial Services.
Lord Krishna Bank Ltd. has registered strong business growth of
33% during the fiscal 2003-04. The net profits of the bank increased
by 14.32% to reach Rs 26.35 crores. Total deposits of the Bank registered
impressive growth of 39% during the year (from Rs.1663 crores to Rs.2311
crores). Advances of the Bank also showed growth during the fiscal from
Rs.941 crores to Rs.1146 crores, an increase of 22%, according to its
annual results for the fiscal 2003-04 that was declared today.
The 64 year old Kerala based bank has today 106 branches spread
in 11 States and U.T of Chandigarh. To reach out more customers and
offer them innovative services and financial products, the bank is opening
more fully automated branches across the country. The Bank has opened
10 branches since 31.03.2003.Further the bank holds license for opening
8 more new branches spread over India during the current fiscal.