NRI Bank­ing ........................................

Banking Frontiers - - Contents - Me­hul@bank­ingfron­tiers.com

Bank of Bar­oda and YES Bank have con­sid­er­able NRI bank­ing vol­ume. De­tails of the fa­cil­i­ties of­fered by the two banks:

In­dian banks have been of­fer­ing Non­Res­i­dent Ex­ter­nal Ru­pee Ac­count, or NRE ac­count, and Non-Res­i­dent Or­di­nary Ru­pee Ac­count, or NRO ac­count, to non-res­i­dent In­di­ans. Of these banks. Bank of Bar­oda com­menced its over­seas jour­ney way back in 1953. The bank’s wide net­work of for­eign branches, of­fices and cor­re­spon­dent re­la­tions at con­ve­nient busi­ness lo­ca­tions en­sure a smooth and safe bank­ing ex­pe­ri­ence for the NRIs. The bank has a NRI Desk at Bar­oda Cor­po­rate Cen­tre, Ban­dra-Kurla Com­plex, Mum­bai, func­tion­ing in to­tal syn­ergy with In­dian as well as over­seas branches of the bank. It is a fo­cal point for ad­dress­ing is­sues, clar­i­fi­ca­tions etc re­lat­ing to NRIs. Any NRI / Per­son of In­dian Ori­gin (PIO) can open NRE/FCNR ac­count with the bank and it has a pres­ence across the globe, in­clud­ing the U.S., U.K. UAE and Africa. BoB has been serv­ing in the UAE for 40 years. It has NRI units in the branches to fa­cil­i­tate In­dian ex­pats for FDR in In­dia or hous­ing loan.

YES Bank on the other hand of­fers a com­bi­na­tion of NRE and NRO ac­counts for bet­ter flex­i­bil­ity and con­ve­nience. The bank’s sea­farer ac­count of­fers to steer a per­son’s fi­nances in the right di­rec­tion as he sails from one port to an­other and it en­sures su­pe­rior ser­vices and ex­clu­sive priv­i­leges.

CUS­TOMER BASE

Bank of Bar­oda has 113,560 NRI cus­tomers as on 31 De­cem­ber 2017. The to­tal num­ber of ac­counts held by these NRI cus­tomers is 7,74,036 as of Q3, 2017-18. NRIs con­sti­tuted 12.19% to the bank’s to­tal cus­tomers, says a spokesman of NRI Ser­vices depart­ment of the bank.

YES Bank’s ob­jec­tive is to pro­vide a com­pre­hen­sive and holis­tic bank­ing so­lu­tion to NRIs through ‘Global In­dian Bank­ing’ (NRI Ser­vices) pro­gram. The bank’s NRI book con­sti­tutes 25% of to­tal re­tail de­posit base. Ac­cord­ing to the bank, one-third of the to­tal HNI (through YES First pro­gram) rev­enue is gen­er­ated through NRI cus­tomers.

HIGH­EST AC­COUNTS

The top 3 In­dian cities that ac­count for Bank of Bar­oda’s NRI ac­counts are Mum­bai, Er­naku­lam and Anand while the fastest growth in the num­ber of ac­counts has been at Ahmed­abad, Bar­oda and Mum­bai. In terms of num­ber of trans­ac­tions, branches in Mum­bai, Ahmed­abad and Bar­oda stand out.

In the case of YES Bank, branches in Mum­bai, Delhi, Gur­gaon and Kochi are the top per­form­ers.

RE­MIT­TANCE VOL­UME UP

Bank of Bar­oda saw a re­duc­tion of `138.45 crore in in­ward re­mit­tances in 2017 com­pared to 2016, but the num­ber of trans­ac­tions in­creased by 5,30,020. To­tal num­ber of de­posit ac­counts as on 31 De­cem­ber 2017 touched 8,13,586 from 7,94,739 a year ago and the amount in­creased to `53196 crore, reg­is­ter­ing yoy growth of 4.24%.

MAR­KET­ING CAM­PAIGNS

YES Bank or­ga­nizes mul­ti­ple ac­tiv­i­ties to tar­get NRI cus­tomers over­seas and in In­dia. A flag­ship pro­gram, NRI Fes­ti­val is or­ga­nized to en­gage with NRIs while they are in In­dia. The bank also con­ducts mul­ti­ple dig­i­tal cam­paigns, in­clud­ing so­cial me­dia cam­paigns and lo­ca­tion based cam­paigns, as part of its mar­ket­ing ac­tiv­i­ties fo­cused on NRIs.

Bank of Bar­oda’s Bar­oda Con­tact Cen­ter (In­dia) pro­vides most of the bank­ing ser­vices through tele­phone chan­nel and with the help of tech­nol­ogy, thereby im­prov­ing con­ve­nience to the cus­tomers. These ser­vices are avail­able 24x7 to NRIs from over­seas lo­ca­tions.

YES Bank lever­ages its hu­man cap­i­tal, tech­nol­ogy, speed and fi­nan­cial acu­men to be the ‘Banker of First Choice’ for NRI cus­tomers. The bank has been a pi­o­neer in sev­eral tech­nol­ogy ini­tia­tives, in­clud­ing blockchain and to en­hance fa­cil­i­ties pro­vided to its cus­tomers. It has a num­ber of dig­i­tal bank­ing prod­ucts for NRI cus­tomers. For ex­am­ple, YES Mo­bile, which is a mo­bile bank­ing ap­pli­ca­tion that has more than 85 ser­vices that an ex­ist­ing ac­count holder can make use of. All NEFT, IMPS and RTGS trans­ac­tions done through YES Mo­bile are free of charges. YES Se­cure mo­bile/desk­top ap­pli­ca­tion helps cus­tomers gen­er­ate OTP on his/ her mo­bile de­vice in­stead of re­ceiv­ing it through SMS and IVR/email. Cus­tomers can trans­act with­out mo­bile con­nec­tiv­ity. For all re­tail net bank­ing trans­ac­tions, YES Se­cure mo­bile app will gen­er­ate OTP even if the cus­tomer’s mo­bile is in ‘no net­work’ zone. Sim­i­larly, YES Tag is In­dia’s first trans­ac­tion chat­bot that can be ac­cessed by the bank’s cus­tomers on their ex­ist­ing so­cial me­dia apps. All NEFT, IMPS and RTGS trans­ac­tions done through YES Tag are free of cost and the trans­ac­tions are lim­ited to `5000.

At a NRI mega meet or­ga­nized by Bank of Bar­oda in Bhuj re­gion in Gu­jarat

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