Tamilnad Mercantile Bank (TMB) Ltd has signed a memorandum of understanding (MoU) with UAE Exchange and Financial Services Ltd for providing instant money transfer from non-resident Indians (NRIs) to its customers and the general public through all its branches.
The MoU was exchanged in Tuticorin between Mr A.K. Jagannathan, Managing Director and Chief Executive Officer, TMB, and Mr V. George Antony, Country Head – India of UAE Exchange and Financial Services Ltd, the principal agent of UAE Exchange Centre LLC, Abu Dhabi, for facilitating Xpress Money Services in India.
The arrangement will facilitate customers of the bank and the public to receive funds from NRIs across the world — more than 100 countries. The most important remittance countries are Qatar, Saudi Arabia, Oman, New Zealand, the US, Australia, the United Arab Emirates, the UK, Canada and Kuwait, said Mr S. Selvan Rajadurai, General Manager, Business Development, TMB, in a press release.
The bank also has a tie-up with Western Union Financial Service Inc USA for money transfer services and a rupee drawing arrangement with UAE Exchange Centre LLC, he added.