Daijiworld Media Network - Dubai (SP)
 
Dubai, Sep 18: J M Garg, chairman and managing director of Corporation Bank, visited its representative office here,  located in the second floor of Toronto Building, Bur Dubai, on Friday September 11. A customers' meet was held on the occasion and he met and interacted with the Bank's customers. The representative office was opened in the year 2008, and the Bank aims to convert it into a full-fledged branch in course of time.

Corporation Bank offers the entire range of personalized Non-resident Indian (NRI) services with a touch of professional expertise, laced with an innovative approach and the services are specifically designed to suit the special needs of the NRIs. 

The Bank offers special deposit schemes for NRIs like FCNR accounts (Fixed Deposits), NRE rupee accounts and non-resident ordinary (NRO) rupee accounts (savings, current, recurring and fixed deposits).

NRIs may also book forward contracts for hedging the balances in NRE rupee time deposits, dividend amount due to them on shares held in an Indian company or for hedging the balances held in FCNR (B) accounts.  

The Bank also offers international credit cards to NRIs, subject to settlement of transactions under ICC through inward remittances or out of balances held in the cardholder's NRE/NRO/FCNR (B) accounts. 

The Bank offers special remittance services for NRIs based in the Gulf and Middle East, through Corp Speed Cash/Instant Cash, Corp Speed Remittance and Rupee Drafts. Through Corp Speed Cash, NRIs in the Gulf can remit funds to beneficiaries in India up to Rs. 50,000. The beneficiaries need not maintain an account with Corporation Bank. The payment is made to the beneficiary in Cash.  

The Bank has recently launched MoneyGram International Money Transfer Service in India, in association with UAE Exchange and Financial Services Ltd. The facility has been launched in 300 branches of the Bank in the first phase. At present, Corporation Bank has a tie-up with ten exchange houses in the Gulf for speed remittances and DD Drawing. With tie-up with MoneyGram, NRIs can now send funds to their loved ones in India, swiftly and quickly, from across the globe. 
 
MoneyGram International helps the customers to safely send money around the world in as little as ten minutes time. The process to remit money through this service is very simple. The remitter has to visit any of the agents of MoneyGram, fill-in the remittance form and tender the equivalent foreign exchange inclusive of charges, to the agent. After the application is processed through the Anti-Money Laundering Guidelines, the remitter informs the receiver in India about the remittance details and an eight-digit reference number in particular. The receiver in India has to approach the designated Corporation Bank branch with two security requirements i.e., the 8-digit transaction reference number and a photo identification proof and fill-in a Money Received form. 

The Bank recently announced its financial results for the quarter ended June 30, 2009. The net profit of the Bank for the quarter ended June 30 this year, stood at Rs 261.25 crore, clocking a year-on-year growth of 41.75%. The total business of the Bank as on the above date stood at Rs 1,19,505 crore with a year-on-year growth of 27.55%. The earnings per share [annualized] is Rs.72.85. The net NPA stood at a low level of 0.32%, which is one of the lowest in the Banking industry in India. 

Corporation Bank became the first bank in the industry to start a revolutionary initiative of accepting income tax through its 1,038 ATMs. The Bank started this innovative facility to its customers recently. 

Corporation Bank is the leader in technology for having enabled various new products and services to the customers by leveraging technology. The Bank has always been in the forefront in bringing technological innovation and supremacy in a convenient and cost-effective way for common man. The Bank has won many national and international awards because of these initiatives. Corporation Bank has provided many 'firsts' to its customers like online educational loan for professional courses, payment of LIC premia through ATMs and mobile, National Electronic Funds Transfer [NEFT] through ATMs and mobile, Application Supported by Blocked Amount [ASBA] for applying for IPOs, outreach of financial inclusion through Branchless Banking etc., to cite a few.