iPhone | iPad
Android
Huawei
This comes after the Israeli military announced the killing of Nasrallah, and said Israel is ready for wider escalation
KT APPDOWNLOAD
Oriental Bank to Offer NRI Advisory Services
DUBAI - Oriental Bank of Commerce, India’s tenth largest public sector bank, opened its representative office in Dubai. The Dubai office, the first overseas presence of Oriental Bank of Commerce, also called OBC, will provide only advisory services to its customers and will not enter into lending operations, the bank said.
Alok Misra, chairman and managing director of the bank, said the Dubai office marked the beginning of the bank’s global expansion drive.
“We are hopeful of obtaining full banking licence from the UAE Central Bank at a later stage,” he said. At present, Bank of Baroda is the only Indian bank that has got full-fledged banking operations in the UAE.
Misra said that for facilitating quick transfer of funds electronically, the bank has launched its “speed remittance facility”, that would enable instant money transfer to all branches of the bank across India.
OBC has a suite of products, backed by the bank’s strong technological base to cater to the non-resident Indian clientele. “In addition to the NRI savings, current and term deposit accounts, the bank will also open foreign currency non-resident accounts in designated currencies and resident foreign currency accounts for NRIs, Mira said.
“OBC has a wide network of branches. It has strong financial fundamentals and has been consistently paying dividend since its IPO in 1994,’’ he said. The dividend payout in 2008 was 47 per cent.
Arun Ramanathan, finance secretary in India’s ministry of finance, and Indian Ambassador to the UAE Talmiz Ahmad attended the inaugural ceremony.
The bank, which has a network of 1401 branches, will be adding another 100 branches within a year, Misra said. Total business of the bank, which is Rs1,600 billion currently, is expected to grow to Rs2,000 billion during the next one year, he said.
The bank has deposits of more than Rs940 billion, advances of over Rs660 billion and gross non-performing assets of 1.66 per cent and a net NPA of 0.76 per cent. “The bank is well capitalised with a capital adequacy ratio of 12.6 per cent,” he said.
More news from
The Islamic republic's supreme leader Ayatollah Ali Khameni has been transferred to a secure location, sources say
Haddad, a project to enhance security of the Emirates' water areas, is the first-of-its-kind in the region
A Dh50,000 fine was also imposed on the impounded vehicles
Both Israeli and US media reported that Hezbollah's leader Hassan Nasrallah was the target
The event will spotlight 104 young golfers aged 11 to 18, all eager to showcase their skills on the newly enhanced back nine at Arabian Ranches
This comes after Israel military claimed on Saturday that it killed the militant group's chief
No casualties were reported and employees were sent home for the day