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Saturday, February 3, 2001
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India's
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Citibank opens account for NRIs
Our Banking Bureau
Mumbai, Feb 2: Citibank on Friday launched its `Global Indian Account' for non-resident Indians (NRIs). The offering is a dollar- and rupee-checking account, and will enable NRIs to meet their financial requirements in India and overseas. Citibank also plans to tie up with leading corporations in the country to offer their employees the Global Indian Account. Says Citibank-India CEO and global consumer head Nanoo Pamnani: ``NRIs constitute an important part of our community and play a vital role in promoting the country's economy. Remittances from NRIs account for almost $12 billion a year. Global Indian Account assists first-time NRIs in settling into their environment and helps to increase the fund flow by facilitating their remittances into India for their personal use, used their immediate family or parents, or for purchases of property in India.'' Says Citibank-India sales and distribution director P S Jayakumar: ``Research indicates that NRIs prefer one bank for their local and offshore requirement. Theability to open the dollar-account even prior to the relocation of NRIs to their overseas location removes the burden of opening bank accounts in a new country."Simultaneously, their financial needs in India are taken care of with a remittance process and a mortgage loan enabling them to return to India at any stage.'' Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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Copyright 2001: Indian Express Newspaper(Bombay) Ltd. All rights reserved throughout the
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