Saturday, 26 May 2007

Money remittances for NRIs in Russia

MOSCOW: A money remittance service for the NRIs staying in Russia was launched in Moscow by the Indian Ambassador to Moscow Kanwal Sibal.

The facility named "Money2India" is being provided by the ICICI Bank Eurasia LLC.

India's largest private sector bank ICICI started its operation here in 2006, by acquiring a small regional bank as a vehicle to enter the Russian market.

"Relations with Russia are critical for India and growing presence of large Indian banks in the country is a welcome development. The new remittance service, first time offered to the Indian community here, fills the banking gap between the two nations, as individual Russian importers could also make payment to Indian beneficiaries," Sibal said launching the new service at the main branch of the bank on Thursday. [Read more]

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