The Hindu : Tamil Nadu News : Indian Bank introduces forex service

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Tuesday, Feb 02, 2010
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Tamil Nadu

Tamil Nadu

Indian Bank introduces forex service

Staff Reporter

Photo: N. Bashkaran

G. Muthappan (right), AGM, Indian Bank handing over Letter of Credit to K. Murugan at the inauguration of the Foreign Exchange Business in Krishnagiri Town branch. —

KRISHNAGIRI: The Lead District Bank, Indian Bank on Monday introduced Foreign Exchange Business in its Krishnagiri town branch. G. Muthappan, Assistant General Manager, Dharmapuri Circle, inaugurated the service.

Mr. Muthappan handed over the first Letter Credit to a leading importer of the town K. Murugan in the presence of D. Udaya Kumar, Chairman, Deveraj Group of Companies.

After inaugurating the Forex Biz section, Mr. Muthappan told reporters that the facility had been introduced to ease the tension of the business people in and around Krishnagiri and Dharmapuri districts.

It served the growing demand of the exporters and importers dealing in granite, mango pulp and other industries in Hosur in Krishnagiri district.

Till now these services were routed through banks in Salem, Coimbatore and Bangalore.

With the introduction of the Forex Biz services, export-import customers can do their forex settlements and transactions routed through this branch.

First time

It will save cost and the precious time of the customers as the export-import papers will be processed in quick pace and export process will be given credit at the earliest. The service has been introduced for the first time in these two districts.

Besides servicing the businessmen and traders, normal customers can exchange their foreign currency, he added.

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