NEW DELHI (PTI): The state bank of India is introducing a new scheme for nonresident Indians al the exchange companies managed by it at Dubai, Kuwait, Muscat and Bahrain for speedy remittances, This is part of the bank’s overall thrust to make it“ customer friendly.”
Called “guaranteed speed payment scheme’ for NRIs, this is only one of a large number of new initiatives. Under the scheme, the bank will provide guaranteed payment within 2 days of remittances abroad, Any delay in making payments will be compensated by the banks with interest at “appropriate rates of interest.” The bank has also opened personal banking centers at Bombay, Hyderabad, Madras and New Delhi, It has set up special NRI branches at Bombay and New Delhi and plans to open four more NRI branches at Ahmedabad, Calcutta, Emakulam and Madras. The bank has identified 220 branches for developing these as model branches as per RBI guidelines. Reviewing the bank’s domestic Operations during the year, D.Basu, Chairman, said the bank had taken up special initiatives to make it customer friendly Basu disclosed three more offices of the bank in the United States have been brought under the swift network, thus bringing 10 of its international branch offices on this devoted telecommunication network: Basu expressed satisfaction over the growth of deposits of the bank to a new high of Rs 660317 million while advances touched Rs 4700695 million. The advances of the bank recorded substantial increase of over 28% during 199293, compared to a rise of 2.7% during the last year.
Article extracted from this publication >> August 6, 1993
