TMB, UAE firm enter into money transfer pact

Tamilnad Mercantile Bank (TMB) has entered into an agreement with the Abu Dhabi-based UAE Exchange Centre LLC to offer money transfer and speed remittance services.

Under this tie-up, non-resident Indians (NRIs) in the Gulf region can remit funds to India by sending rupee drafts drawn on the UAE Exchange Centre to any of the 182 branches of the bank. The speed remittance arrangement will provide web-enabled money transfer services to NRIs.

In a statement, G Narayana Moorthy, managing director and chief executive officer, TMB, said that the agreement was a significant step forward in the bank's pursuit to improve its NRI business.

The UAE Exchange Centre handled 4.51 million remittance transactions amounting to around Rs 16,000 crore during 2006-07. The company operates 260 direct offices and has correspondent relationships with over 100 major banks worldwide.