Friday, 4 September 2009

Indian bank eyes 55% growth in remittances

By Himendra Mohan Kumar, Staff Reporter
Published: September 03, 2009, 22:55
Abu Dhabi: Indian multinational bank Bank of Baroda expects remittances to India through its UAE branches to increase 55 per cent on year to Rs45 billion (Dh3.37 billion) in the year to March 2010, a top executive said.

"In the April to June quarter, the combined remittances through our branches in the UAE stood at Rs13 billion. So, we are well on course to achieving our target," Ashok Gupta, the bank's chief executive for the GCC said.

Total remittances to India through the bank's branches increased 80 per cent on year to Rs29 billion in the year ended March 2009, said Gupta. Read more

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