Dena bank enters into rupee drawing plan
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.