Non-resident Indians (NRIs) can benefit from the current bear run on the Indian Stock Exchange as the risk-reward ratio is in favour of long-term investors. Despite the prevailing dip, the Indian economy is expected to grow at a healthy pace of over eight percent this year. But before an NRI can invest in Indian stocks [...]

Central Bank of India, one of the country’s largest government-owned banks, signed an agreement with Thomas Cook to offer MoneyGram International money transfer service. Among India’s public sector banks, Central Bank of India can be truly described as an “all India” bank, due to its large network in 27 out of 28 states and locations [...]

State Bank of Travancore has received approval from Central Bank of the UAE to open a representative office (RO) in Dubai, UAE. The opening of the office is expected to go a long way towards providing better services to NRIs besides promoting trade and investment in India from the business community based in the Middle [...]

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 [...]

The rupee turned weak and was quoted lower by about seven paise against the US currency at 39.55/56 a dollar in morning trade on heavy dollar demand amid weakness in equity markets, which fell back after a strong start. Despite weakness in dollar against major currencies in overseas market after the US Federal Reserve announced [...]

The Western Union Company, a provider of money transfer services, announced the opening of its 50,000th Agent location in India at the State Bank of India branch in Gurgaon, Haryana. To mark the occasion, Hikmet Ersek, EVP and MD, Western Union Europe, Middle East, Africa and South Asia (EMEASA), joined Gautam Kanjilal, Chief General Manager [...]

The Indian Overseas Bank (IOB) plans to open a representative office in Dubai as part of its foray into the Gulf region. Indian Overseas Bank Chairman and Managing Director S A Bhat said the bank was given go-ahead by Reserve Bank of India for its Dubai entry, and he would be meeting UAE Central Bank [...]

The Indian diaspora seems to be taking a long-term view on India. They are shunning NRI deposit schemes and are sending higher amounts instead to relatives back home. In the July-September 2007 quarter, remittances touched a new high of $10 billion. While NRIs parked only about $346 million in various bank deposit schemes. For the [...]

The Indian rupee was little moved on Thursday, with dealers saying the market was caught between the prospect of strong overseas interest in Indian equities and the spectre of central bank intervention.At 9:50 a.m. (0420 GMT), the partially convertible rupee was at 39.305/315 per dollar, slightly softer than the previous finish of 39.28/29. The rupee [...]

First Gulf Bank (FGB), one of the UAE’s leading financial institutions, has stepped up its offering to the country’s vast non-resident Indian (NRI) market through a tie-up with India’s leading and fastest growing financial conglomerates Kotak Mahindra Group. The tie-up will benefit FGB’s expanding First Wealth client base – customers who utilise the bank’s bespoke [...]