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Muscat – Bank Nizwa partnered with Axis Bank, India’s third largest private sector bank, to provide its customers with fast, convenient, and competitive rates to transfer and receive funds in over 120 banks and over 80,000 branches across India. The partnership offers a real time Rupee Remittance Facility, based on using the innovative and automated Axis Remit Direct (ARD). The service allows customers to save on transfer charges and enjoy instant transfers to Axis Bank accounts and within one working day to all other accounts in India.
“The Bank Nizwa international money transfer service appeals to individual and corporate clients alike. It offers complete security and reliability with competitive exchange rates,” said Khalid Al Kayed, CEO of Bank Nizwa. He added, “Our goal is to continue being ahead of the curve, always setting-trends of reliability, customer excellence and positive experiences.”
Customers will also benefit from corporates availing remittance services and their expat staff on account of their salary account with Bank Nizwa. These salary accounts will be funded monthly from the corporates’ current account, thereby giving access to their staff to enjoy a suite of personalized products and services that meets their day-to-day financial needs at highly competitive terms. With the launch of this service, Bank Nizwa is offering an end-to-end solution to both its retail and corporate clients with other value added Shari’a-compliant products and services.
Satheesh Krishnamurthy, Senior Vice-President, Affluent Business Axis Bank, said, “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 customers in Oman. We are delighted to partner with Bank Nizwa, which will further help us expand our reach in the Middle East.”
The new service is in line with Bank Nizwa’s strategy to continue expanding its Shari’a-compliant secure and competitive electronic international money transfer service. The service is available to customers transferring money electronically to a foreign bank’s beneficiary account. A range of currencies is available including US Dollar, Euro, Great Britain Pound, Japanese Yen, South African Rand, Jordanian Dinar, Pakistani and Indian Rupee, as well as GCC currencies.
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About Bank Nizwa
Bank Nizwa is Oman’s first dedicated Islamic bank offering a unique banking experience that combines Shari’a-compliant products and services with today’s dynamic financial requirements. Since its inception in January 2013, the Bank has become a reliable partner to a growing customer-base, a market that is actively seeking an alternative to conventional banking. With a number of innovative and competitive propositions, its portfolio ranges from a full suite of personal banking solutions to relationship management and treasury products for global markets.
With five years of operations, Bank Nizwa has expanded its reach, opening 12 branches across Oman in Qurum, Al Ghubra, Al Khoud, Al Ma’bela, Barka, Nizwa, Samail, Sohar, Ibra, Sur, Al Buraymi and Salalah. During the first quarter of 2018, Bank Nizwa’s total assets grew by 38% to reach OMR 775 million with shares traded on the Muscat Securities Market (OM: BKNZ). Further information on Bank Nizwa is available on www.banknizwa.om
About Axis Bank
Axis Bank is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses.
With its 3,589 domestic branches (including extension counters) and 13,977 ATMs across the country as on 31st December 2017, the network of Axis Bank spreads across 1,946 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has ten overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi, Sharjah and Dhaka and an overseas subsidiary at London, UK.
With a balance sheet size of Rs. 6,01,468 crores as on 31st March 2017, Axis Bank has achieved consistent growth and with a 5 year CAGR (2011-12 to 2016-17) of 16% in Total Assets, 13% in Total Deposits, 17% in Total Advances.
The Bank’s website www.axisbank.com offers comprehensive details about its products and services.
For further information, please contact:
Bank Nizwa
Axis Bank
Sudipta Dasgupta
TRACCS
Telephone: +968 24 649-099
Mobile: +968 94558787
Email: sudipta.dasgupta@traccs.net
Anand Mugad |022 24252021
Mittal Solanki I 022 24252016
corporate.communication@axisbank.com
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