SBT gets nod for representative office in Dubai

Thiruvananthapuram-headquartered State Bank of Travancore (SBT) has received approval from the Central Bank of UAE to open a representative office in Dubai, United Arab Emirates, a SBT spokesperson said.

"SBT is the preferred bank among the NRIs from Kerala, and the opening of the representative office will go a long way towards providing better service to NRIs, besides promoting trade and investment in India from the business community based in West Asia," he added.

Adding that the bank has a share of around 25 per cent of NRI deposits from the state, he said that with investment opportunities growing in Kerala, SBT can play a lead role in garnering more investment from West Asia.

The representative office would assist the NRIs about various banking facilities available and facilitate further increase in inward remittances. "It will also offer personalised services to the NRIs in the UAE who maintain account with the various SBT branches and will function as a link between them and their home state," he said.

In its efforts to facilitate the speedy transfer of funds from the gulf countries to Kerala, SBT currently has a rupee draft remittance arrangement with as many as 21 exchange houses and also speed remittance arrangements with six exchange houses.

According to the SBT spokesperson, every third remittance to Kerala from West Asia currently happens through SBT. He added that the bank also opens zero balance NRE accounts for customers traveling abroad for the first time.

"Customers in the Gulf countries have also been provided with the SMS alert facility. SBT's internet banking facility has been very popular with NRIs, who use the facility to keep track of his account and also put through transactions from anywhere in the world.

Further, the international debit cards issued by SBT can be used by the customer to withdraw cash through ATM's or for shopping across the world," he added.