Union Bank remittance scheme for Gulf NRIs

Thiruvananthapuram: Union Bank of India (UBI) has launched the Union Express Remittance Scheme that will cater to the needs of the non-resident Indian (NRI) population in West Asia.

The Union Express will reduce the time lag in the receipt of a draft by the beneficiary and can be availed of by NRIs at an affordable cost, says UBI CMD V Leeladhar, who launched the scheme.

The scheme is now being operated from the banks international exchange (Vostro) branch situated at Nariman Point, Mumbai. This branch services the INR accounts of overseas banks and private exchange houses.

The delivery time is assured and varies between 24 and 72 hours depending on the centre where the beneficiary resides. This compares well with the normal time of seven to 12 days taken for drafts issued by the exchange houses to reach the beneficiary.