12/Feb/2008
Oman Daily Observer
Global Money Exchange Company (GMEC), one of the leading exchange companies in the Sultanate managed by the State Bank of Travancore, has launched an electronic remittance facility using National Electronic Fund Transfer (NEFT). Addressing a press conference to launch the fast remittance facility, A K Basu, General Manager — International Banking — of State Bank of Travancore (SBT), said that non-resident Indians (NRIs) in Oman could remit their funds to any of the 38,000 branches of 100 Indian banks spread across the country within a day. “The funds will be credited within 24 hours to the beneficiary’s account. The message goes electronically through the Reserve Bank of India gateway,” he noted.
Basu, who was on a short visit to Muscat, said that if the money cannot be credited to the beneficiary’s account, the fund will be returned to the remitter. GMEC levies RO 1.5 per transaction for availing the new remittance facility. Referring to the financial performance of GMEC, he said that the number of remittances from the exchange shot up from 102,455 in 2003 to 428,041 in 2007, while the remittance volumes soared from Rs 267 crore to Rs 1,349 crore during the period.
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