NBO partners with Axis Bank to offer banking services to NRIs

Business Tuesday 03/April/2018 14:33 PM
By: Times News Service
NBO partners with Axis Bank to offer banking services to NRIs

Muscat: To address the financial needs of non-resident Indians (NRIs) residing in or moving to the Sultanate, the National Bank of Oman (NBO) has joined hands with Axis Bank, one of India’s largest private sector banks. The partnership will offer NRI customers in Oman essential banking services such as opening of accounts, remittances, online solutions, mobile banking, deposits and identifying opportunities for investments in India. Similarly, Axis Bank will assist Indian nationals who are moving to Oman in managing their finances abroad seamlessly.
John Chang, general manager and chief retail banking officer at NBO, said: “Oman is home to a large and dynamic population of NRIs, who make an important contribution to the Sultanate’s economy and we are delighted to work with Axis Bank to launch a dedicated service to support the specific financial needs of Oman’s NRI community.”
“NBO, with its elite group of relationship managers, and Axis Bank, will ensure this key segment of the market is served seamlessly, regardless of whether they are banking in Oman or in India,” he added.
‘’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. We are delighted to partner with NBO, which will further help us extend our reach in the Middle East,” Rajiv Anand, executive director, Axis Bank, said.
NRIs constitute the largest expatriate group in Oman and are also the largest remitters of funds, accounting for approximately 65 per cent of outbound transactions. Under this partnership, the two banks will provide this major customer group with unique products and services.
Currently in its 25th year of operation, Axis Bank has, over the years, built an extensive geographical presence with 3,589 domestic branches (including extension counters) and 13,977 ATMs across India as of December 31, 2017.
The bank also has 10 overseas offices, with branches in Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices in Dubai, Abu Dhabi, Sharjah and Dhaka; and an overseas subsidiary in London.