In less than 12 months, the number of meNRI account holders has topped the 10,000 mark, evidencing strong market demand for non-resident Indian specific banking products in the United Arab Emirates (UAE).
Initially launched in September 2002, meNRI provides the features and benefits of two banks, meBANK (Emirates Bank International) and ICICI Bank, India’s second largest bank, in one. With a single relationship, NRI’s get a meACCOUNT from meBANK and an ICICI NRE savings account in India.
meNRI account holder’s benefit from free funds transfers to India within one day, excellent rates on home loans and real time, on-line stock trading on the Indian Stock Market, according to a bank press release.
As part of the package, meNRI account holders receive two International Debit and ATM cards, two cheque books—one for ICICI and one for meBANK. Account holders can provide their family in India with access to the meNRI account, through an additional ATM card and chequebook facility.
“From the time we launched the meNRI product offering, meBANK was committed to offering non-resident Indians a banking product that was tailored to suit their specific needs,” Louis A. Scotto, General Manager Retail Banking – Emirates Bank International said.
“From extensive research, we interpreted their needs to formulate a product that is unique to the UAE in the sense that you get the benefit of a long serving local bank, as well as a banking giant in India. It is no surprise that we now have over 10,000 customers… By the end of 2003 we hope to double our customer base.” — (menareport.com)
© 2003 Mena Report (www.menareport.com)
