The Hindu : Business : Indian Bank expands operations in Singapore

Online edition of India's National Newspaper
Saturday, Nov 13, 2004

Business

Business

Indian Bank expands operations in Singapore

By P. S. Suryanarayana

SINGAPORE, NOV. 12. A user-friendly electronic system of `Remittance Card' and an exclusive `Non-Resident Indian (NRI) Remittance Service Desk' are offered by Indian Bank at its new `Remittance Centre' in Singapore.

The service desk, originally available at the bank's main office here, has been extended to this new outlet, which is not a full-fledged branch in the conventional sense of banking. Pledging more innovations, the bank has promised `a better use of technology' for fast-track services

The new `Serangoon Remittance Centre' is designed to mark an expansion of Indian Bank's operations in the city-state. The outlet is located at a vantage point in the `Indian heartland' of Singapore. It began business transactions on October 31 through a `soft launch.'

Already proactive in tapping the large volume of `small ticket remittances' to India by the NRIs here, including workers in particular, Indian Bank hopes to enlarge its share of this market domain, according to the bank's officials.

The business hours of the `Remittance Centre,' covering late-evenings and week-ends as well, are projected by the bank as another attraction. Indian Bank's main office here had, earlier, opened remittance services on specified Sundays every month.

Although there are no authoritative estimates about the overall volume of remittances-flows to India from here, at least one study has shown a cumulative fund-transfer of about Singapore $27 million a month.

The electronic data-based `Remittance Card' is said to suit those who frequently send remittances in Indian rupee. It would be immaterial whether the users of the card are `walk-in customers' or those holding accounts with Indian Bank here.

Indian Bank's officials say that its recent tie-up with Network for Electronic Transfers Singapore Pte Ltd. (NETS) had already made it possible to send remittances without having to deal in cash and that more such technology-enabled services are likely.

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