Kotak Mahindra Boosts NRI Activity With Middle East Deal

Vanessa Doctor

6 June 2010

India's Kotak Mahindra Bank has entered into a partnership with a Bahrain-based firm to expand its Middle East operations.

The deal with Bahrain India International Exchange Company is the firm's answer to the growing number of remittances to India from the region and takes advantage of the steady growth in the economies of both nations.

"Bahrain is home to more than 300,000 non-resident Indians who will now have one more avenue of remitting funds home and benefitting from services of the bank," Lakshmi Narasimhan, the director of BIIECO, said in a statement.

India is preparing itself for the rising number of NRIs wanting to invest onshore now that the country is being touted as a strong growth area in the wake of the global crisis. Last year, the total inflow of remittances from NRIs reached $49 billion.

Kotak Mahindra has existing operations in Bahrain via Kotak Securities, which offers investment opportunities in India to NRIs.