Andhra Bank's new Dubai officewill help speed up remittances

Dubai: Andhra Bank's newly opened Dubai office is the first outside India in its 80-year history, chairman and managing director K. Ramakrishnan said.

The new office in Karama will help speed up remittances from Non Resident Indians (NRIs) to families back home.

The bank, which has 1,213 branches and 391 ATMs in 21 states and union territories in India, achieved full computerisation in 2003.

Ramakrishnan said this ensures online remittances made through the exchange counters in the UAE are deposited in the accounts of beneficiaries in India the same evening.

Ramakrishnan said the office would not be involved in any money transactions, but instead would help facilitate the sending of money through five exchange companies in the UAE.

He added the office will also help customers open accounts in their home states and assist in buying land, houses and cars back in India by facilitating loans.

Meenakshi Sundaram, Chief Examiner of the UAE Central Bank, who attended the inauguration, said the UAE is host to 178 nationalities and offers scope for many more banks to operate here.

He said banking has evolved into a more customer-focused service and hoped that the office will work within the parameters set by the UAE Central Bank.

The office in Dubai is headed by Chief Representative R.M. Nagesh. R.K. Nair is the Senior Representative.