The Global Money
Exchange Company, Sultanate of Oman, under the direct management
of the State Bank of Travancore (SBT), will commence operations on
5 April 2002. Announcing this, an SBT spokesman here said the
exchange is promoted by the Khalili group of Oman. This is the
banks maiden venture in the Sultanate of Oman.
bank already manages City Exchange LLC, an exchange company in the
United Arab Emirates. Under the rupee-drawing arrangement with
Global Money, expatriates in the sultanate can send remittances to
SBTs 300 major branches, which can be encashed immediately
without incurring any charges.
The bank also intends to
introduce fast-remittance arrangements shortly. SBT at present has
remittance arrangements with 13 exchange
companies in West Asia. The annual volume of remittances
channelised through these exceeds Rs 3,300 crore.