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Karnataka Bank forex business target set at Rs.4,600-crore
Mangalore: The Karnataka Bank is targeting forex business of Rs4,600 crore for 2005-06, and export credit of Rs900 crore, according to a release issued by the bank.

According to the release, the bank achieved forex merchant turnover of Rs4,010 crore during 2004-05, a growth of around Rs700 crore over the previous financial year. The export credit outstanding of the bank crossed Rs700 crore, amounting to 11.20 per cent of net bank credit.

The release added that all the branch heads were advised to scout for new forex clients and achieve the targets. Regional heads were asked to identify branches for enlarging the forex network.
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SIB in pact with Bahrain Financing
Kochi: The South Indian Bank Ltd has tied up with the Bahrain Financing Company, whereby rupee drafts can now be drawn on 150 designated South Indian Bank branches from the Bahrain-based exchange house.

As this facility ensures safe and speedy transfer of funds, it would be convenient for South Indian Bank's NRI customers and their family members, a press release from the bank has said.

The bank has also concluded a speed remittance facility with the exchange house and is branded as `SIB Express' wherein remittances from abroad would be credited to beneficiaries of South Indian Bank's on-line branches, almost instantaneously.
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