Doha Bank seeks RBI licence to open more branches in India

Chennai, Dec 17: The Qatar-based Doha Bank is making its efforts to open its branches in India and the bank has already applied licence for this with the Reserve Bank Of India(RBI), according to Bank's Deputy Chief Executive, R Seetharaman.

Talking to UNI here yesterday, he pointed out that the proposed new branches here would be more beneficial to about two-lakh Indians, who were working in and around Qatar and other UAE countries.

Mr Seetharaman said Doha Bank had inaugurated its new branch in Najma street in Doha recently, adding another flagship to the wide network of Doha Bank branches that extended to 22 operating branches across the country.

He also pointed out that the Bank had been a pioneer in introducing many innovative consumer-centric technology solutions in Qatar, such as, Internet banking, Web banking and SMS banking. It is one of the nine banks in the world, which have successfully been accredited with BS-7799 Security Certification for bankwide operation, he added.

He said the bank's expansion strategy had crossed the borders with the estblishment of their representative offices at Dubai, Singapore, Japan, and Turkey recently, in addition to their New York operation for more than 20 years now.

He said the bank had recently signed an agreement with the State Bank Of India(SBI) and this arrangement was yet another initative that Doha Bank, would wish to offer to its customers, as part of its ongoing efforts to offer value added services to the retail customers.

Earlier, Doha Bank had signed two separate MoUs with SBI Capital Markets, for offering Project Financing and Project Management services to the Corporates in Qatar, he said.

Doha Bank also markets Mutual Funds floated by SBI to the Non Resident Indians(NRI) through another MoU signed earlier, he added.

He said the bank had a similar agreement with UTI and a few other banks.

Mr Seetharaman said strategic partnership with UTI Bank Limited will enable Doha Bank customers to access their Internet and TeleBanking, free international debit card, Online shopping and e-Payment of Utility Bills in India. He said the bank has also introduced a complete Wealth Management package for NRIs, which offers Banking, Equity Trading, Mutual Funds and Investment Consulting.

With regard to the equity trading, he said in association with Geojit Financial Services Ltd, Doha Bank Customers could trade on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

with a strategic distribution arrangement through Barjeel Securities, LLC. Doha Bank offers a unique blend of Mutual Funds to its NRI customers, he added.

He said in the recent Investor meet organised by Doha Bank in association with the Kerala Government at Kochi, a high level Qatar delegate, Sheikh Fahad Bin Mohammad Bin Jabor Al Thani, Chairman, Doha Bank, among others participated, had evoked good response.

He said the theme of the meet was GCC Transformation and Indo-GCC Investment opportunities (Qatar-Kerala), and the objective of the meet was to analyse the core strengths of various economic sectors and explore opportunities for investment and cooperation between Kerala and Qatar, in Tourism, Medical Tourism, Industry, Information Technology and Finance.

He said they proposed to have a tie-up with the Tata Asset Management and launch a Fund, specifically focused towards development of Kerala, as soon as possible, subject to regulatory approvals. This will provide an opportunity for NRIs, especially, non-resident Keralites to participate in the development of their state economy, he added.

He said the Fund will deploy a percentage of its Portfolio for Kerala specific projects. The Kerala Chief Minister V S Acuthanandan had participated, invited the Investors from Qatar and assured all possible assitance to them, he added.

UNI