Oman and UAE Exchange Centre, Indian banks tie up

The Oman and UAE Exchange Centre has signed drawing arrangements with two Indian banks - Indian Overseas Bank and Canara Bank.

"The new arrangements will enable us to issue drafts drawn on these banks and to execute express transfers," said Tony Alexander, chief executive at the exchange firm.

"We also have drawing arrangements with the State Bank of Travancore, Punjab National Bank, South Indian Bank and the ICICI Bank in India."

Indian Overseas Bank operates over 1,500 branches in India, while Canara Bank posted the highest net profit of Rs7.41 billion among nationalised banks in India.

Alexander claimed that his firm was the first in Oman to have introduced express transfer. "This facility is available for transfer of money to India."

The Oman and UAE Exchange Centre has drawing arrangements with banks in the US, UK, Tunisia, Morocco, Sri Lanka, Bang-ladesh, Pakistan, Philippines, Egypt, Yemen, Jordan and Bahrain.