Wednesday 19 October 2011

Pensions, remittances to go online in Karnataka


Thanks to the state government’s IT initiative in governance, all the transactions of the state treasury department will soon go online, ending the delay in getting your pension or salary.
The treasury department on Tuesday signed an MoU with Tata Consultancy Services (TCS) for Khajane II project, in the presence of chief minister DV Sadananda Gowda. Read more

PHILIPPINES: August remittances surged 11% to $1.67b


Remittances from millions of Filipinos working abroad grew in August at the fastest rate in 20 months, giving the economy a needed boost in the second half after a sluggish performance in the first semester.

The Bangko Sentral said remittances in August reached $1.67 billion, up 11.1 percent from $1.503 billion year-on-year. The amount, however, was lower than $1.715 billion recorded in July.
The growth of remittances in August was the fastest rate of increase since inflows grew 11.4 percent year-on-year in December 2009. Read more

Indians send record sums home


Indians living in the Gulf have sent record sums of money home in remittances, taking advantage of the rupee's plummet against the dollar.
Measured against the Reserve Bank of India's reference rate, the rupee fell by nearly 13 per cent from 44 to the dollar on August 1to 49.7 to the dollar on September 23.
The UAE's Indian population alone yielded about US$60 million (Dh220.3m) in August and September, according to data from Indian asset management companies based in UAE. Market observers said the continuing rupee decline had created a good money-making opportunity for many. There are reports that many non-resident Indians (NRIs) have resorted even to borrowing to boost their remittances.

Tuesday 18 October 2011

BOC accounts for over 47% inward remittances


“Sri Lanka received inward remittances worth $ 4 billion last year and the country has the potential to double the value over the next few years. We now see a trend where the banking system is being used widely to remit money unlike in the past which is a positive sign towards enhancing the remittance volume,” Bank of Ceylon (BOC) Chairman Dr.Gamini Wickramasignhe said.



Dr. Gamini Wickramasignhe
The country will reach $ 4.8 billion foreign remittances by the end of this year. Bank of Ceylon has been able to account for over 47 percent of the entire inward remittances to the country, he said.


“Our target is a ten percent remittance growth from the current Rs 200 billion. If the country could harness its true potential the volume could even be higher,” he said at the launch of NRFC Wasana and Cash Remitts raffle draw 2011 and 2012 and the re-launching of the RKFC Account held on Friday in Colombo.


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Global forum on Migration and Development (GFMD) Civil Society Days 2011


Geneva, 19 September - Preparations for the GFMD Civil Society Days (CSD) (29-30 November) to be held in Geneva, Switzerland are well underway, in the countdown to the 2011 Global Forum on Migration and Development (GFMD).  Find below some updates on important developments.

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SRI LANKA: Bank of Ceylon launches promotional campaigns targeting inward remittance stakeholders


Oct 17, Colombo: Government-owned major commercial bank in Sri Lanka, Bank of Ceylon (BOC) has launched a monthly raffle draw for the "Beneficiaries" of inward remittances.

The raffle is a part of the "Cash Remits" campaign targeting the beneficiaries of inward remittances. BOC says that the bank will conduct monthly draws and offer cash prices for the winners.

BOC has also re-launched its "NRFC Wasana" campaign targeting the remitters.
Read more

PHILIPPINES: Remittances Increase 6.9% To $13.02 Billion In First 9 Months


MANILA, Philippines — Remittances from overseas Filipinos amounted to $13.02 billion in the first nine months of 2011, up 6.9 percent year-on-year, the Bangko Sentral ng Pilipinas (BSP) Monday reported.
Fund transfers through official bank channels and monitored by the BSP totaled $1.67 billion for August alone, up 11.1 percent year-on-year but compared to the previous month or in July, the monthly tally was lower by 2.4 percent. It was the first time remittances climbed at a double-digit pace this year, the central bank said. Read more

GHANA: First African Savings enters agreement with GCB


Accra, Oct. 17, GNA - Clients of First African Savings and Loans Limited (FASL), a money transfer organization, will now be able to send remittances to their dependents in Ghana faster through a partnership it has with the Ghana Commercial Bank Ltd (GCB).

Under the partnership FASL will take advantage of GCB’s nationwide spread of 157 branches and an efficient network to channel remittances from clients in Europe and North America to their beneficiaries in Ghana.

Speaking at a meeting of officials of the two institutions, Mr. Samuel Sarpong, Deputy Managing Director in charge of Operations, GCB, expressed his excitement at having FASL on board and pledged the commitment of the Bank to ensure the best in customer service. Read more

Monday 17 October 2011

BankMuscat launches remittance service to Philippines

BankMuscat, the leading financial services provider in the Sultanate, and Rizal Commercial Banking Corporation (RCBC) Manila, signed an agreement to launch remittance service to the Philippines.


Sulaiman al Harthy, Group DGM – Consumer Banking, signed the agreement on behalf of BankMuscat and Cynthia P Santos, First Senior Vice-President, signed on behalf of RCBC, in the presence of Philippine embassy officials and prominent community members. To begin with, the new facility will be available at a dedicated remittance centre in Ruwi benefitting the 55,000-strong Filipino community in the Sultanate.

Sulaiman al Harthy said: “As always, BankMuscat takes the lead in offering value added services to customers, including Expat customers, out of which the Filipino community represents the fifth largest customer base of the bank. BankMuscat continuously seeks ways to ensure that our customers receive the best products and service. In view of our ongoing efforts to expanding banking services to customers, especially to meet the increased demand for remittance services, we are launching a dedicated Filipino remittance desk to cater to our customers. The BankMuscat strategy is to attract customers through innovative products and services. The Bank remains focused on providing value added services.” Read more

Kerala needs a new development ‘model’


Ever since the Center for Development Studies in Thiruvananthapuram came out with a study highlighting Kerala’s accomplishments in the areas of its material quality of living, health and education some four decades ago, the phrase “Kerala model” has had a life of its own.
An array of eminent academics and public intellectuals — most notably, Nobel laureate Amartya Sen — have relentlessly sung praise to the “Kerala model,” and encouraged others to adopt it.
“Kerala demonstrates that a low-level economy can create a decent life, abundant in the things — health, education, community — that are most necessary for us all,” American environmentalist Bill McKibben wrote in the 1990s after visiting the state. “Kerala stands out as the Mount Everest of social development; there’s truly no place like it.”

Brac Bank mobile remittance service becomes active

BRAC Bank remittance beneficiaries have begun to receive money from Robi Sheba Points recently at Kaligonj, Gazipur, said a press release.

Managing Director and Chief Executive Officer of BRAC Bank Ltd. , Mr.Syed Mahbubur Rahman & Chief Market Officer of Robi, Mr. Bidyut Kumar Basu werepresent at the event where Ms.Rabeya Begum a resident of Kaligonj received her remittance money from Robi Sheba Point.