Centrum ties up with State Bank of Travancore

CentrumDirect Ltd (CDL), a subsidiary of Centrum Capital Ltd and India's second largest company in retail foreign exchange, has tied up with Kerala-headquartered State Bank of Travancore for providing foreign exchange services to its branches.
The tie up will enable CDL in getting regular supply of foreign currencies from the 1,000 plus designated and authorised foreign exchange branches of SBT, Hariprasad M P, Senior Vice President, Head Treasury and Bank Notes Business, CDL, told reporters here.
This will ensure regular availability of destination currencies and enable Centrum to provide competitive rates and efficient servicing to its larger customer base, he said.

On the business volumes they were targeting from the tie-up, Hariprasad said CDL was looking at Rs 50 crore business from the tie up in the first year of operations.
CentrumDirect offers foreign exchange services, remittances, visa processing and and travel related services to both corporate and retail customers through its network of 90 branches and airport counters across the country.
It also has tied up with about 30-35 Bollywood and Tollywood Production houses for providing forex services, including foreign currency, pre paid travel card, telegraph transfers, for shoots abroad.

"We are trying to get inroads into Telugu and Malayalam film industries," he said.

CDL, which presently has 90 branches nation wide, had plans to add 5-6 more branches by June next year.
The company has grown to become of the largest players in retail foreign exchange service with a turnover of approximately Rs 3,000 crore in the last fiscal (July 2012-June 2013) and they are looking at a 10 per cent growth by this June end, he said.
Centrum offers a wide range of services that include Foreign Exchange, Corporate and Leisure and Leisure Travel, Insurance, Visa and E-business.