Date:02/06/2005 URL: http://www.thehindubusinessline.com/2005/06/02/stories/2005060201630600.htm

Back Dhanalakshmi Bank in rupee-drawing pact with Oman firm

Our Bureau

Kochi , June 1

DHANALAKSHMI Bank has signed up with Oman & UAE Exchange Centre, Sultanate of Oman, for rupee drawing arrangement. With this tie-up, which comes into effect from June 1, the exchange company will draw rupee drafts on 100 designated branches of the bank, to start with.

Oman & UAE Exchange Centre is a company registered and incorporated in the Sultanate of Oman and engaged in buying and selling of foreign currencies and travellers' cheques, issue of drafts, handling of remittances in local and foreign currencies.

It is part of the Abu Dhabi-based multi-billion UAE Exchange Centre Group. Abdulla Humaid Al Mazroei is the Chairman of the company and Mr B.R. Shetty is the Managing Director and CEO.

The exchange company has 13 branches in the Sultanate of Oman.

Announcing the tie-up, Mr T.R. Madhavan, Managing Director of the bank, said that this was a significant step forward in the bank's pursuit to improve the NRI business.

With this, the number of drawing arrangements of the bank has now gone up to seven. With more arrangements in the pipeline, the bank expects a significant surge in its NRI portfolio during the current fiscal. The bank is now focusing on leveraging technology for its business operations.