SBT, Global Money Exchange tie up

Thiruvananthapuram: 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.

The 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.