• search

Dena bank enters into rupee drawing plan

Written by: Staff

New Delhi, Sep 17: Dena Bank has entered into a 'Rupee Drawing' arrangement with UAE Exchange Centre LLC, Abu Dhabi, the largest exchange house in UAE.

Under this arrangement the NRIs residing in West Asia can remit funds to their relatives in India by sending rupee drafts drawn by UAE exchange centre LLC on 200 designated branches of Dena bank in India. UAE Exchange Centre has branches spread across UAE.

Remittances can also be affected for opening and credit of NRI accounts.

This arrangement is very popular with the Indian expatriates. The number of Indians in the Gulf is estimated to be about four million and remittance to India is about five billion dollar a year. Dena bank expects substantial growth in NRI deposits as fall out of this arrangement.

The arrangement was launched in presence of Dena Bank CMD P L Gairola and and UAE Exchange MD and CEO B R Shetty.

Speaking on the occasion, Mr Gairola expressed that this arrangement will be beneficial to both the organisations. Dr Shetty of UAE exchange explained the modalities of money transfer.


For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more