Dena Bank arrangement with UAE Exchange

Mumbai, Sept 16: Dena Bank has today entered into a rupee drawing arrangement with the UAE Exchange centre LLC, Abu Dhabi, the largest Exchange Houses in UAE.

The arrangement was launched in Mumbai in the presence of Dena Bank Chairman&Managing Director P L Gairola and Dr B R Shetty, MD&CEO of UAE Exchange, the bank's press release said.

Under this arrangement, the NRIs of the Middle East can remit funds to their near and dear ones in India by sending Rupee drafts drawn by UAE Exchange Centre LLC on 200 designated branches of Dena bank in India, the release informs.

UAE exchange centre has branches spread across the United Arab Emirates and remittances can be effected also for opening NRI accounts, the release disclosed.

This arrangement is very popular with the Indian Expatriates.

The number of Indians in the Gulf is estimated to be about 4 million and remittances to India is about USD 5 billion a year. Dena Bank expects substantial growth in NRI deposits as fall out of this arrangement, the release added.

Commenting on the development, Mr Gairola said this arrangement will be beneficial to both the organizations.

UNI