Muscat: BankDhofar and ICICI Bank signed a memorandum of understanding (MoU) to facilitate instant remittances to India.
Representing BankDhofar at the signing ceremony was Bashir Said al Subhi, AGM & Head of Treasury & Financial Institution, while representing ICICI Bank was Vikash Sharma, Regional Head— Middle East & Africa, ICICI Bank. The signing ceremony was attended by executive team members of BankDhofar and ICICI Bank.
On the initiative, Subhi said: “We are proud to partner with ICICI Bank. Our partnership will enable us to provide a holistic banking solution to the Indians in living in Oman. The agreement will meet their day-to-day banking needs either locally or to their India linked banking requirements.”
The agreement will hugely improve the time taken for remittance transactions to India which now goes up to 48 hours.
The instant remittance service will be possible as it will take place through ‘Money2India’ which is an instantaneous, secure and cost-effective online money transfer platform by ICICI Bank.
Any Indian expat in Oman can avail of this instant remittance service by simply opening a Savings Bank account with BankDhofar.
Sharma said, “ICICI Bank is pleased to partner with BankDhofar. The alliance will not only aid the Indian expats in Oman to avail faster remittance services to India but also help them conveniently access home banking, thereby enhancing the overall customer experience.”
Both banks will help customers of each other to open savings account. In other words, BankDhofar will facilitate the Indian expats in Oman for opening an account with ICICI Bank in India should they require while ICICI Bank in India will assist its customers to open an account with BankDhofar in Oman. Both the services — instant remittance and account opening — will be available in a month.
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