Bank of India offers anniversary gifts

Bank of India has announced a series of facilities and benefits as a part of the completion of its first year of operations in New Zealand.

Bank of India (NZ) Limited Managing Director Nageshwar Rao said that customers opening new accounts would be exempt from maintaining minimum balance and that there would be no monthly maintenance charges.

“There would be transaction or service charges. We would also visit groups of five or more individuals resident within Auckland Council limits to assist them in opening their account with Bank of India, eliminating the need for them to visit our branch,” he said.

Mr Rao was speaking at the first anniversary celebrations of the Bank held at Alexandra Park on October 6, which was attended by a number of business and community leaders and customers.

He said that among the services introduced recently were internet banking, online money transfer facility to the Bank’s branches and offices worldwide.

Mr Rao said facilities such as cheque book, debit and credit cards would be introduced shortly.

Former Reserve Bank of New Zealand Governor Dr Alan Bollard, inaugurated the Bank of India’s operations at its premises on October 6, 2011, saying that New Zealand welcomed Bank of India which has a good standing and good rating.

“The Reserve Bank of New Zealand applies stringent conditions and procedures for granting licenses to foreign banks to operate in New Zealand. Banks are important for any economy as they provide financial security and services. Some countries have found that banks can be a problem but those operating in New Zealand were tested during the crisis,” he said.

A detailed report of the opening ceremony and an interview with former Bank of India Chairman Alok Mishra, appeared in our October 15, 2011 issue.

Mr Rao said that he and his team would strive to tailor products and services that are best suited to New Zealanders.

“New Zealand, as a market, has some differences, including extensive use of internet banking, high use of debit and credit cards even for very small transactions,” he said.

Member of Parliament Kanwaljit Singh Bakshi and Kalamazoo Group Chairman Steve D’Souza paid tributes to Bank of India and its leadership, stating that New Zealand was fortunate to have the presence and operations of the fifth largest Indian bank.

Consultant Urologist and Surgeon Dr Madhusudan Koya gave a presentation on common health problems afflicting Indian men and advised them to seek regular and proper medical examination.

“Early detection is the best protection against any disease. Our changing lifestyle, eating and drinking habits and other environmental factors make us vulnerable to a number of health-related problems,” he said.

A detailed interview with Dr Koya appeared in our June 1, 2012 issue (available in our web archives- www.indiannewslink.co.nz under Healthlink).

The Bank has made significant progress on all accounts since the end of the financial year 2011-2012. As at the end of October 19, 2012, its total deposits from Indian and foreign operations were $77.34 billion, up from $73.12 billion recorded as at the end of March 31, 2012. Total advances from Indian and foreign operations rose from $57.82 billion to $60.31 billion.