Business   

SIB launches products for NRIs, returnees

Staff Reporter

KOCHI: The South Indian Bank (SIB) has launched an innovative product, `SIB Pravasi Swagat' for non-resident Indians and returnees.

It was formally inaugurated by M.A. Yousuf Ali, a member of the Abu Dhabi Chamber of Commerce.

The new scheme envisages to offer timely banking support, besides advisory services on wealth management and tax matters, and also technical assistance for setting up viable business projects, the bank said in a communication. Mr.Joseph said that one of the main concerns of the NRIs is that banks do not take care of their needs when they return for good.

The South India Bank is dispelling that notion with the introduction of the new scheme. The Chairman of the bank, V.A. Joseph, presided over the function. Sib had taken charge of the management of `Hadi Express exchange', a premier money exchange house of the UAE, mainly to give cheaper, faster and personalised services to the Indian community there, he said.

He lauded SIB for coming up with the scheme.

Explaining the features of the scheme Cheryan Varkey, general manager (credit), stated that an NRI who has been an account holder of SIB for five years is eligible to apply for loans up to five times of the deposit for starting business or industrial ventures, subject to the viability of the proposal.

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

Stories in this Section

Russia threatens U.S. with trade war
Stone laid for TAPP's facility
Sensex snaps 7-day gaining streak
Qualcomm acquires Qualphone for $18 m
State Bank hikes deposit rates
Essar to revamp businesses
PepsiCo ready for independent testing of pesticide residue
M&M launches Scorpio range in Sri Lanka
SIB launches products for NRIs, returnees
Kerala can attract major investments: Worbus Capital
Rupee ends lower
Exchange rates
Bullion rates
Inflation rate rises to 4.82 p.c.
Roongta is SAIL Chairman
'Excise exemption only for HP, Uttaranchal'
Govt. modifies 3CD tax form
China to cut tarrifs
Airtel Broadband introduces India PCO
Merck Specialities launches cancer drug
Hero Honda bags award
TV 18 promoter sells shares to Network 18
Balrampur Chini to acquire stake in Indo Gulf Ind.
Enam to venture into insurance broking

Copyright © 2006, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu