BoB switches to online banking system

Dubai, Aug 23: Bank of Baroda (BoB) today launched Core Banking Solutions (CBS) that will connect its six branches in UAE and three in Oman to 382 branches in India, enabling customers to remit money online in real time at no extra cost.

''Bank of Baroda started operating here three decades ago and the UAE accounts for more than 40 per cent of its international business,'' BoB Chairman and Managing Director Dr Anil K Khandelwal said, adding that the facility would be launched in Oman tomorrow.

Dr Khandelwal, however, said UAE was chosen to be the first international branch to launch the facility because of traditional financial ties with the country and the region.

Sultan bin Nasser Al Suwaidi, the governor of the Central Bank of UAE, launched the two products - Baroda Easy to Remit 2 India and Special Baroda Personal Loan for Persons of Indian Origin and Non-Resident Indians by pressing a button.

The Indian Ambassador C M Bhandari told the gathering of businessmen and bankers that India's request to the UAE Central Bank to allow more Indian banks to come in had met with a guarded response.

V J Santhanam, Chief Executive of the Bank for the Gulf said the connectivity will be extended to 500 branches in India by September and more than 1000 by next year.

Aiming to raise the share of its overseas business to around 20 to 22 per cent within the next three years, the bank will be shortly applying to RBI for opening branches in Mozambique, Qatar, Ghana, Johannesburg, Bahrain and Kuwait.

It has already obtained approval to open branches in New Zealand, Australia and Maldives. The bank is eyeing a 45 per cent growth in overseas business this year.

BoB is set to open a branch in West Indies later this month and Singapore next month to add to an international network of 59 branches and offices in 20 countries in five continents, he said.

UNI