Non-Resident Indian Remittances From UAE Will Be Increased
Union Bank of India (UBI) plans to double its non-resident Indian remittances from GCC within two years. UBI has representative offices in the UAE capital and handles five percent of the total remittances from GCC states to India.
The banks chairman and managing director is now visiting the UAE and talked about the remittances at a press briefing. MV Nair said they are launching three initiatives designed to increase UBI’s share of the remittance market in the UAE. He said the bank currently has tie-ups with 17 banks and facilities to allow remittance online, and they will add 500 bank branches this year. They currently have 50,000 bank branches across the country through which national electronic funds transfers (NEFT) are transacted.
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