Axis Bank strengthens remittance offering in Gulf countries

Friday, Feb 19, 2016,14:47 IST By Metrovaartha A A A

Dubai | Axis Bank has announced its ambitious plans to further strengthen its remittance offering in the Gulf Cooperation Council (GCC) region by providing new channels of money transfer to existing NRI customers.

The Bank continues to expand its partner network across the GCC region with specific focus on getting into more arrangements with Correspondent Banks while continuing to actively manage our large existing exchange house relationships, said Rajiv Anand, group executive & head, retail banking at Axis Bank.

Anand said that this has resulted in a robust growth at a CAGR of 26 per cent over the past 3 years in remittance volumes from the UAE and that the bank will continue to look at growing aggressively for FY 16-17 as well. Axis Bank which caters to NRIs in the UAE through its offices here and through tie ups with other banks and financial institutions in the GCC, offers automated remittance processing engine, AxisRemit Direct, available to exchange houses and correspondent banks. GCC includes Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain and Oman.

Our strategy of expanding our partner network of Exchange Houses and Correspondent Banks in the region is to provide additional channels of money transfer to our existing NRI customers as well as to leverage these relationships to acquire new NRI customers, Anand said. He said a dedicated operations unit, centralised remittance hub, has also been setup to provide efficient operational support and customer service to our institutional remittance partners.

In addition, Online FX Booking Portal, FX Connect, which allows our Partners to carry out real time FX trades with the bank has also been offered. As DIFC grows further to become a formidable part of the local economy, Axis Bank will play more active role.

Through the Representative Offices in Abu Dhabi and Dubai, we support service requirements of NRIs who hold or want to hold a banking account in India. The representative offices are governed by the UAE Central Bank regulations, he said.

Axis Bank has its presence through branches in Singapore, Hong Kong DIFC – Dubai, Colombo and Shanghai, Representative Offices at Dubai & Abu Dhabi, Dhaka and Axis Bank UK Limited, a wholly-owned subsidiary of the Bank.