Oman’s largest bank, BankMuscat has launched a service for the 600,000-strong NRI community in the country, which will offer banking solutions including remittance service.

This is the second announcement by an Omani bank for products targetted at NRIs, the first being by Oman Arab Bank last week.

The new service, called Pravasi, will offer banking solutions for NRIs in India and Oman, with services ranging from basic remittance service, investments in international and Indian funds, wealth management solutions to demat accounts in India and Oman for trading in shares and retirement solutions, the bank said.

Launching the service, AbdulRazak Ali Issa, chief executive of BankMuscat said: “We believe Pravasi has all the necessary ingredients that will allow us to offer end-to-end global financial solutions, from basic remittance services to high-end wealth management solutions and advisory services.”

“Pravasi will offer a range of financial services to suit every segment of the NRI population in Oman,” he said.

BankMuscat Pravasi has partnered with Centurion Bank of Punjab and Mangal Keshav Group, one of the top 20 security houses in India.

Last week, Oman Arab Bank launched an India-centric wealth management product and services scheme that aims to provide an opportunity to potential investors in the country to invest in the Indian economy.

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