Dena Bank, UAE Exchange tie up for rupee remittance
16 September 2006
Mumbai:
Public sector Dena Bank has tied up with in UAE Exchange
Centre LLC, the largest exchange house in the emirates,
for a rupee-drawing arrangement.
NRIs
in the Gulf can remit funds to India by sending rupee
drafts drawn on UAE Exchange Centre to 200 designated
branches of Dena Bank in India using this facility.
There are about four million Indians in the Gulf and
they remit an average $5 billion to India each year.
"We
expect a growth of 20 per cent in our NRI business through
the tie-up," said Dena Bank chairman and managing
director P L Gairola.
Gairola
said the bank currently has NRI deposits of Rs120 crore.
The bank, he added, will raise Rs250-Rs300 crore next
month through the Tier-II route to meet its capital
requirements. Also, the bank has set a recovery target
of Rs350 crore for its non-performing assets.
"We
have received our board's approval for raising Rs675
crore in this fiscal, out of which Rs250-Rs300 crore
is likely to be raised sometime in the next month,"
Gairola added.
