Banks eye NRI remittances

By agencies   |   Tuesday, 21 June 2005, 07:00 Hrs
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MUMBAI: A growing number of Indian banks including the state-owned ones are aiming to grab a sizeable chunk of inward remittances amounting to $23 billion annually from Indians abroad.

The banks' strategy involves expansion of their foreign outlets in the regions such as Gulf and Africa where Indian origin people are in considerable number.

Banks have also engaged in tying up with local exchange houses so that non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) having no account with Indian banks could remit their funds through banking channel.

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