HYDERABAD: There is good news for those facing problems due to delays in receiving remittances made from abroad.

The public sector major State Bank of Hyderabad has entered into an agreement with the UAE Exchange for instant online `Foreign Inward Money Transfer Service' through its select branches located across the State and the country. Recipients of remittances made from other countries can now avail of the amount within five minutes of it being deposited in the UAE exchange centres abroad.

All they have to do is carry a photo identity card and the unique code number communicated to them by the remitter and withdraw the amount from the SBH branch.

The maximum amount that can be obtained through the new system is Rs. 50,000.

Addressing a press conference here on Saturday, SBH chief general manager R.P. Sinha said only personal remittances would be allowed through the fund transfer scheme and no other funds, including charities and donations would be allowed.

The SBH would initially launch the service in 100 select branches and it would be extended to all its 944 branches in the near future.

Explaining about the performance of the bank, he said the bank planned to achieve a business turnover of Rs. 1 lakh crores by March 2008 against the Rs. 56,000 crores of the current year.

Printer friendly page  
Send this article to Friends by E-Mail