pbd 2015, gandhinagar, gujarat remittance products for nris/pios by ranjan dhawan executive...
TRANSCRIPT
PBD 2015, Gandhinagar, Gujarat
REMITTANCE PRODUCTS FOR NRIs/PIOs
By
Ranjan Dhawan
Executive Director, Bank of Baroda
• It is estimated that approximately 35 Million NRIs/PIOs reside outside India. Indian Diaspora is geographically diversified, spread in as many as 110 countries
• It is projected that India would have received USD 71 billion out of total remittance of USD 435 billion during 2014 as per recent World Bank’s data, which is highest among all countries
• Bank of Baroda, being India’s International Bank and pioneer in international banking since 1953, is having host of remittance products serving the NRI fraternity through its 104 overseas offices in 24 countries and other correspondents throughout the world.
NRI Global Remittances
Sources & Utilization of Remittances
• RBI Survey on remittances shows the following sources of inflow and Utilization
North America35%
Gulf Countries38%
Europe12%
South America3%
Africa3%
East Asia7%
Australia/New Zealand
2%Sources of Inflow
North America
Gulf Countries
Europe
South America
Africa
East Asia
Australia/New Zealand
Family Maintenance
49%
Deposits in Bank20%Investment in
lands & property3%
Investments in equity shares
4%
Social Religious Fn.3% Others
21%
Utilization Pattern
Family Maintenance
Deposits in Bank
Investment in lands & property
Investments in equity shares
Social Religious Fn.
Others
Remittance products
• Rapid Fund 2 India
• Swift
• Remittances under Money Transfer Service Scheme (MTSS)
• Speed Remittance
• Baroda Flash Remit (To be launched shortly)
• DD Drawing arrangements
Rapid Fund 2 India• This is our in-house online money transfer facility used to send
remittances in Rupees to India through our branches present in 24 overseas countries. The features are
1. Speedy, cost-effective and reliable service
2. Instant credit to beneficiary’s account with Bank of Baroda’s over 5000+ CBS enabled branches
3. Same day/ within 24 –hour credit to the beneficiary/s account with 110300+ branches of other banks through RTGS/ NEFT
4. Money transfer without any threshold amount
5. Neither remitter nor beneficiary needs to have account with us. No charges in UAE if the remitter and beneficiary maintains a/c with BOB
• NRIs desirous to use the above facility can approach any of our overseas branches and tender local currency of the country or any convertible currencies along with relevant application & ID proof
SWIFT• This product can be used by NRIs to send money to India from any
country, any bank and in any convertible currencies. • SWIFT is a fast and secured mode of funds transfer facility • Facility is available at all our overseas branches. Even customers
of other bank can remit to our bank branches through their bank• Beneficiary need not have account with us• For detail list of correspondents of our banks, please log on to our
website www.bankofbaroda.com• Process involved in Swift remittance
NRI instructs bank to debit his a/c and send money to beneficiary a/c
NRI instructs bank to debit his a/c and send money to beneficiary a/c
NRI’s bank debits his a/c and instructs his correspondent bank to credit beneficiary banks nostro a/c
NRI’s bank debits his a/c and instructs his correspondent bank to credit beneficiary banks nostro a/c
Correspondent bank credits Nostro A/c of the beneficiary bank
Correspondent bank credits Nostro A/c of the beneficiary bank
Benef.bank verifies nostro a/c on receipt of swift message from sending bank & credits to the beneficiary a/c
Benef.bank verifies nostro a/c on receipt of swift message from sending bank & credits to the beneficiary a/c
MTSS• Under tie up arrangement with UAE Exchange and Western Union, Bank is
offering money transfer services under brand names Western Union (WU), Xpress Money (UAE Exchange) and MoneyGram (UAE Exchange)
• It is basically a person to person payment remitted for personal use in INR or family maintenance of the resident beneficiaries in India or any foreign national tourist visiting India
• Donations/contributions to charitable institutions/trusts, trade related remittances, remittance towards purchase of property, investments or credit to NRE accounts shall not be made through this arrangement
• A cap of maximum USD 2500 (in equivalent INR) per transaction and maximum 30 remittances to a single individual beneficiary during a calendar year
• A remitter desirous of remitting funds to India under the scheme visits any overseas offices of WU and UAE Exchange and tenders remittance amount with full particulars of beneficiary in India. The service providers after processing the transaction provide them system generated identification numbers (MTCN and Unique Reference No)
• The remitter conveys the identification number to the beneficiary in India who in turn visits any of our nearby branches to claim remittance amount.
MTSS Process Send Money (Remitter) Receive Money (Beneficiary)
NRI approaches UAE Exchange/Western Union outlet with ID card & KYC documents with fgn curreny for remittance
NRI approaches UAE Exchange/Western Union outlet with ID card & KYC documents with fgn curreny for remittance
Requests for remittance by tendering foreign currency and applicationRequests for remittance by tendering foreign currency and application
A reference number is issued to the NRI. Contacts the beneficiary and gives him the reference no.
A reference number is issued to the NRI. Contacts the beneficiary and gives him the reference no.
Finds nearest authorized BOB branchFinds nearest authorized BOB branch
Fills in receive form with given reference no & submits with KYC documents
Fills in receive form with given reference no & submits with KYC documents
Beneficiary a/c is credited. For beneficiaries not having a/c, cash will be paid upto Rs. 50000/- . If the amount is >50000, Banker’s cheque will be issued
Beneficiary a/c is credited. For beneficiaries not having a/c, cash will be paid upto Rs. 50000/- . If the amount is >50000, Banker’s cheque will be issued
Speed Remittance
• Bank is having tie up arrangement with UAE, Lulu and Al Ansari Exchanges. Under speed remittance, NRI can remit INR (without any limit) to his own a/c or third party. NRI approaches Exchange Houses and tenders foreign currency with id card & KYC documents. The Exchange Houses receive money and remit to beneficiary a/c in India. Bank on receiving information from the Exchange Houses, credits to beneficiary a/c online.
Baroda Flash Remit
• This is a real-time instant account credit facility in partnership with UAE Exchange Centre LLC (UAEECL) to be launched shortly
• NRI customer desirous of sending remittance through Baroda Flash Remit visits any of UAEECL location overseas. Remitter furnishes beneficiaries account no and name details to UAEECL
• UAEECL processes the transaction and beneficiary account is credited on real time basis. The moment the amount is credited to the beneficiary’s account, an SMS alert is instantly sent to the mobile phones of both the sender and the receiver by UAEECL
• Maximum Rs.200,000/- per transaction for non trade purposes
Contact
• Please contact our dedicated NRI Services department for assistance.
Phone: +91 22 67892980/71/82/84
Email: [email protected]
