Centurion Bank of Punjab eyes 85% growth in forex business

The Centurion Bank of Punjab (after the merger of the Centurion Bank with the Bank of Punjab) has set for itself a target of 85 per cent growth in its foreign exchange business to touch $1 billion, by organising road shows in Punjab and southern parts of the country.

"From Punjab, which is known as the NRI hub of the country, we get over 45 per cent of foreign exchange business and the bank set a target of 85 per cent growth in its foreign currency business during the current financial year with the launching of massive awareness campaign in the form of Road Shows in the villages, where large number of NRI families live," Sudharshan Motwani, head of foreign exchange services of the bank, told Business Standard.

The road show, which comprises a well decorated Van would roam the NRI dominated villages of the state for the next 15 days to highlight the latest Reserve Bank of India guidelines on liberalisation of foreign exchange policy and highlight the advantages of buying or selling foreign currency, international credit cards and receiving remittances in a safe and efficient environment that the bank proves, said Motwani.

"Since large number of people are still not aware of many new schemes and products that are now available at banks and still think that getting foreign exchange from banks will involve lot of formalities, paper work and time, road show will clear their all such doubts" he added.

The bank at present has 70 branches in Punjab out of total 240, he said claiming that merger of Bank of Punjab and Centurion Bank as a "sweetest merger" in the banking industry, which strengthen the bank in both southern and northern region at one go.

Since Centurion bank was strong in southern region and Bank of Punjab was doing good business in northern region, the merger has brought the geographical benefits for the CBoP, he added.

Motwani said that the CBoP deals in currencies of more than 100 countires and hence is in the position to provide the best rate for foreign currencies, traveler's cheques and international credit cards to foreign tourists and NRI's visiting India.

The bank provides excellent service to Indian travelers going abroad for leisure, business, medical treatment, education as well as immigration, he claimed adding that the service includes sale of foreign currencies, traveler's cheques, demand drafts and wire transfers to Indian citizens traveling abroad at the most competitive rates without any commission.

"Western Union's global reach combined with our local network has helped us offer additional value to the services offered to our consumers and has enabled our overseas customers to unite with their loved ones in India" He added.