abhishreshthaa
Abhijeet S
INTERNATIONAL BANKING
During the year, there has been an impressive growth in the customer related foreign exchange business turnover from Rs.4909 crore in 2002-2003 to Rs.7270 crore in 2003-2004. This has been possible mainly due to aggressive marketing at the field level combined with certain customer friendly measures introduced by the Bank, including competitive pricing of export credit.
During the year, 4 more branches viz., Udhagamandalam, Panipat, M.G.Road, Trivandrum and Industrial Finance Branch, Ahmedabad, have been designated to deal in foreign exchange thereby taking the total number of designated branches to 40. Among them, 8 more branches were SWIFT enable during the year taking total number of SWIFT enabled branches to 30.
The foreign currency denominated credit portfolio stood at USD 108.16 million in March 2004, showing robust growth of over 65% as compared to the previous year, on account of lower interest rates abroad and softer forward premia. The appreciation of Rupee against USD has also been responsible for spurt in the demand for credit in foreign currency. The outstanding export credit of the Bank stood at Rs.852.33 crore in March 2004 as against Rs.592.70 crore in March 2003 recording an impressive 43.8% increase.
The deposits from Non Residential Indians, at Rs.1235 crore, constituted 5.93% of the Bank’s aggregate deposits in March 2004. The NRI deposits have shown an impressive growth during the year, mainly on account of the intensive special NRI deposit campaign undertaken by the Bank between November 2003 and February 2004. The Bank has also concluded rupee draft drawing arrangement with one more Private Exchange House during the year and a few more similar arrangements are being negotiated with Private Exchange House abroad, in order to facilitate hassle free NRI remittance from abroad.
In order to make a foray into international market and widen the scope of international business, the Bank is having plants set up Representative Offices in China, Oman, Singapore, South Korea, Thailand, UAE and UK and also to open full fledged branch in Hong Kong. With a view to take advantage of the current liberalization policies of the Government of India, the Bank is also planning to open its first Offshore Banking Unit in Special Economic Zone, Mumbai.
In tune with the International standards, the Bank has recently set up fully integrated Treasury at Head Office with state of the art technology. The integrated Treasury has enabled the Bank to offer competitive prices to its clients for all types of foreign exchange transactions. The bank is also having ambitious plans to set up full fledged Derivatives Trading Desk within the integrated Treasury which will complement the treasury operations to offer cost effective products to its clients.
During the year, there has been an impressive growth in the customer related foreign exchange business turnover from Rs.4909 crore in 2002-2003 to Rs.7270 crore in 2003-2004. This has been possible mainly due to aggressive marketing at the field level combined with certain customer friendly measures introduced by the Bank, including competitive pricing of export credit.
During the year, 4 more branches viz., Udhagamandalam, Panipat, M.G.Road, Trivandrum and Industrial Finance Branch, Ahmedabad, have been designated to deal in foreign exchange thereby taking the total number of designated branches to 40. Among them, 8 more branches were SWIFT enable during the year taking total number of SWIFT enabled branches to 30.
The foreign currency denominated credit portfolio stood at USD 108.16 million in March 2004, showing robust growth of over 65% as compared to the previous year, on account of lower interest rates abroad and softer forward premia. The appreciation of Rupee against USD has also been responsible for spurt in the demand for credit in foreign currency. The outstanding export credit of the Bank stood at Rs.852.33 crore in March 2004 as against Rs.592.70 crore in March 2003 recording an impressive 43.8% increase.
The deposits from Non Residential Indians, at Rs.1235 crore, constituted 5.93% of the Bank’s aggregate deposits in March 2004. The NRI deposits have shown an impressive growth during the year, mainly on account of the intensive special NRI deposit campaign undertaken by the Bank between November 2003 and February 2004. The Bank has also concluded rupee draft drawing arrangement with one more Private Exchange House during the year and a few more similar arrangements are being negotiated with Private Exchange House abroad, in order to facilitate hassle free NRI remittance from abroad.
In order to make a foray into international market and widen the scope of international business, the Bank is having plants set up Representative Offices in China, Oman, Singapore, South Korea, Thailand, UAE and UK and also to open full fledged branch in Hong Kong. With a view to take advantage of the current liberalization policies of the Government of India, the Bank is also planning to open its first Offshore Banking Unit in Special Economic Zone, Mumbai.
In tune with the International standards, the Bank has recently set up fully integrated Treasury at Head Office with state of the art technology. The integrated Treasury has enabled the Bank to offer competitive prices to its clients for all types of foreign exchange transactions. The bank is also having ambitious plans to set up full fledged Derivatives Trading Desk within the integrated Treasury which will complement the treasury operations to offer cost effective products to its clients.