Indian bank launches Portfolio Investment Scheme in UAE

Aimed at providing Indian expatriates in the UAE with rewarding financial benefits, South Indian Bank (SIB) has launched on Friday its Portfolio Investment Scheme (PIS) in association with Geojit BNP Paribas Financial Services. Officials of the Indian private sector bank said the business association with Geojit Securities will provide the SIB’s Non-Resident Indian (NRI) customers with greater convenience for online investment in equity trading. Dr VA Joseph, MD and CEO of the SIB, indicated that Geojit BNP Paribas Financial Services Ltd will provide trading facilities for the NRI customers. “The NRI funds have to be routed through the PIS account with designated branch of the SIB,” he added. Detailing the Portfolio Investment Scheme for the NRI customers, Cheryan Varkey, Executive Director of the SIB, said: “The South Indian Bank has surpassed a total business of 560 billion Indian Rupees with the presence of 645 branches in India.”  Abraham Thariyan, Executive Director of the SIB, noted that the bank is marching towards the target of ‘Trillion Rupee Business’ to be achieved by the year 2014. “The bank is confident that this target can be achieved with the continued patronage of its customers. Our products and services keep growing and improving to match the fine taste of our customers. The bank has been honoured as the “best bank in the country” consecutively in the last two years,” he elaborated. According to Dr Joseph, The Indian banking sector,  is headed for its next phase of growth with regulators easing licensing rules to attract more private players.