Client Affairs
Kerala-Based Bank Boosts NRI Offering
Dhanlaxmi Bank is working to expand its non-resident Indian
deposit base to Rs1,000 crore by the end of the fiscal year, the
Economic Times reports.
The Kerala-based bank presently has a Rs400 crore NRI deposit
base. Last fiscal year, NRIs comprised around 5 per cent of the
company's total deposits, a proportion the bank
wants to increase to about 10 per cent by the end of the
2011 fiscal year.
"The company gets almost 95 per cent of its NRI business from the
Gulf markets,"
Salil Datar, branch banking and NRI business head, told the
publication. Salil hopes that the bank's recent decision to
increase deposit rates for NRIs to 8 per cent would result in an
influx of new clients. In addition, the company is also
reportedly preparing to offer portfolio investment services to
NRIs.
