Ludhiana, March 1, 2015: Corporation Bank organised Exporters and Importers Meet at Ludhiana on Saturday. The meet was organised at a local hotel.
S R Bansal, Chairman and Managing Director of the Bank, presided over the function. The function was witnessed by large gathering of corporates, businessmen dealing with Exports and Imports.
N B Kulasekaran, Circle General Manager, S Narayanan, Deputy General Manager, Customers and Employees of the Bank were also present on the occasion.
Speaking on the occasion, Bansal said Corporation Bank has a Pan India presence with a network of over 9957 functional units including 2210 branches, 2873 ATMs and 4874 branchless banking units. The Bank has its Representative Offices in Dubai & Hong Kong to cater to the needs of NRI clients. The Bank has 66 Designated Branches across the country handling forex business. The Treasury branch at Mumbai operates integrated Dealing room.
Bansal added the Bank has a wide range of forex services to offer to both business and non-business needs. It undertakes collection/negotiation/discount of export bills. It also offers to advise Export Letters of Credit and also add confirmation thereof. The Bank offers all types of credit facilities to exporters and importers, including foreign exchange denominated finance to resident entities. The Bank offers inward and outward foreign exchange remittance services for travel, medical and other personal requirements, issues travellers’ cheques in foreign exchange, deals in foreign currency and many more.
He said foreign exchange earners including exporters can open EEFC account (Exchange Earners’ Foreign Current Account) with Corporation Bank. All categories of foreign exchange earners are allowed to credit 100% of their foreign exchange earnings to their EEFC Accounts. Remittance out of the account for all current account transactions and permitted capital transactions, import and advance remittance is available through this account.
Further Bansal said the Bank handles Export Finance in Foreign Currency, Foreign Direct Investment (FDI), Overseas Direct Investment (ODI), External Commercial Borrowings, Forward Contracts etc and provides many more services beneficial to Exporters & Importers.
Bansal added the Bank has come out with a special current account for exporters and importers – ‘Corp Global Current Account’. This current account is specially designed for the FOREX clients who do not enjoy any credit limits. In this scheme there are two variants with Quarterly Average Balance (QAB) of Rupees Two Lakh Fifty Thousand and Rupees One Lakh respectively. The benefits offered to the QAB variants are as here under: For QAB 1.00 lakh: Collection of Export/ Import bills and outward remittances up to USD 50000 per transaction at Rs 1000 only and for QAB 2.50 lakh: Collection of Export/ Import bills and outward remittances up to USD 50000 per transaction- free.
He said the Bank has a unique Pre-paid Forex Travel - “Corp Global Card” - for the discerning global traveller. The innovative product is partnered with Thomas Cook (India) Ltd. a leading travel and travel related financial services company in collaboration with MasterCard Worldwide. The Corp Global Card is an EMV chip and pin, multi-currency pre-paid card in foreign currency which empowers the traveller to load in eight different currencies (US Dollars, Great Britain Pounds, Euro, Canadian Dollar, Swiss Franc, Singapore Dollar, Australian Dollar and Japanese Yen) on a single card. The card can be used at all ATMs that accepts MasterCard across the globe for cash withdrawal in foreign currency and at all Member establishments that accept MasterCard for purchase of goods and services and for E-Commerce for purchase in foreign currency. The card enhances convenience, augments the security and adds to the ease of the traveller when they visit foreign destinations.
Sunday, March 1, 2015