BoR enters into remittance arrangement in Dubai

Mumbai, Apr 3(UNI) Bank of Rajasthan (BoR) has entered into a Rupee Draft Drawing arrangement with one of the leading exchange houses in UAE, Wall Street Exchange Centre LLC, Dubai.

Under this arrangement, eight branches of the Exchange House will draw rupee drafts on designated branches of BoR spread over 83 cities. The drafts will be issued by the Exchange House, where the purchaser may or may not be BoR's customer. The services will flag off by second week of April, a press release said here today.

The arrangement will facilitate personal remittances from Non-Resident Indians (NRIs) based in UAE. Rupee drafts could also be used for trade related remittances up to Rs two lakh as per RBI guidelines. BoR offers foreign exchange services through 21 forex branches. It has plans to offer ''Speed Remittance'' facility allowing instant credits as well as Internet based remittances across all its branches in near future.

In a statement, BoR chairman Pravin Tayal said, ''Bank has planned to increase its products and services for its NRI customers by entering into remittance arrangements with banks and exchange houses across several countries. It is a value added service and we will bring more an more of these kind of services to make a complete one-stop shop for all kinds of financial products and services in true sense.'' UNI AR MAZ VKG2212