Bank Sohar ties up with Axis Bank for fund transfers to India
May 16, 2018 | 3:13 PM
by Times News Service
The upgraded platform will enable customers to conduct real-time fund transfers to Axis Bank accounts across India, 24/7. - Times file picture

Muscat: To offer customers real-time fund transfers, Bank Sohar has collaborated with Axis Bank, India’s third largest private sector bank, to launch its upgraded EKDOTEEN India remittance platform. This upgrade is in line with Bank Sohar’s efforts to offer innovative financial solutions to customers.

The upgraded platform will enable customers to conduct real-time fund transfers to Axis Bank accounts across India, 24/7. Moreover, the platform will allow fund transfers to other banks in India.

The service, available 24 hours a day, seven days a week, offers competitive rates and processes remittance utilising a platform developed for higher accuracy, faster transaction processing and enhanced security.

This collaboration also enables existing and potential NRI customers to open Axis Bank accounts and fixed deposits, deposit funds, and identify opportunities for investments and loans in India.

Rajeev Arora, DGM and Head of Retail Banking at Bank Sohar, said: “Our collaboration with Axis Bank leading to the launch of the upgraded EKDOTEEN platform is yet another great endeavour to deliver banking excellence that reiterates the bank’s direction for the ‘Year of You’. We have delivered this new tried and tested facility to make remittance easier for a large segment of residents in Oman, and customers can now easily use their accounts at Bank Sohar to send funds to friends, family, and businesses across India."

"Convenience, innovation and facilitation are what we aspire to integrate into everything that we offer to our valued customers to help them meet their daily financial requirements,” he added. “The facility is currently available in our internet banking platform and through our in-branch tellers, and we hope to have our new facility available on Bank Sohar’s mobile banking platform shortly, in-line with our drive for greater digitisation and convenience to customers."

"Bank Sohar is committed to the development of new innovative products and the enhancement of existing services. Facilitating international transfers at the same speed as local transactions is definitely a step in the right direction as we further our journey of excellence with highly competitive rates and outstanding customer service,” he added.

NRIs constitute the largest expatriate population in Oman. Under this partnership, the two major banks will provide unique products and services to this customer segment.

“Banking transactions, including remittances between the Middle East and India, have been growing continuously and we look forward to playing a significant role in serving the banking needs of our fellow citizens in Oman," said Rajiv Anand, Executive Director, Axis Bank.

"We are delighted to partner with Bank Sohar, which will further help us extend our digital journey by providing real-time, flexible and automated banking processes to maximise operational efficiency and provide the best-in-class customer service,” he added.

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