BankDhofar signs MoU with ICICI Bank for remittances

July 10, 2019

BankDhofar has signed a memorandum of understanding (MoU) with leading Indian private sector lender ICICI Bank to facilitate instant remittances to India.

The agreement was signed by Bashir Said al Subhi, AGM and head of treasury and financial institution at BankDhofar and Vikash Sharma, regional head- Middle East and Africa at ICICI Bank. The signing ceremony was attended by executive team members of BankDhofar and ICICI Bank, according to a press statement.

Subhi said, “We are proud to partner with ICICI Bank. Our partnership will enable us to provide a holistic banking solution to the Indians living in Oman. The agreement will meet their day-to-day banking needs either locally or to their India linked banking requirements.”

The agreement will hugely improve the time taken for remittance transactions to India. The instant remittance service will be possible as it will take place through ‘Money2India’, which is an instantaneous, secure and cost-effective online money transfer platform by ICICI Bank.

Both banks will help each other’s customers to open savings accounts. BankDhofar will facilitate the Indian expats in Oman for opening an account with ICICI Bank in India, while ICICI Bank in India will assist its customers to open an account with BankDhofar in Oman. Both the services - instant remittance and account opening- will be available in a month.