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Bank of Baroda remittance facility popular

The remittance facility provided by Bank of Baroda is increasing in popularity, Bank of Baroda (New Zealand Limited) Managing Director Navin Upreti said.

He said the service, called, ‘Barodarapidfunds2India,’ had become the flagship of the Bank since establishment in New Zealand.

“The remittance facility allows hassle-free transfer of funds to any Branch of Bank of Baroda in India instantly. Similarly, the fund transfer also takes place to the branches of any other bank within hours,” he said as the first branch of the Bank in Auckland City celebrated its second anniversary on June 21, 2012.

Mr Upreti said that in consonance with its corporate policy, the Bank was concerting efforts to provide services at minimum cost, without compromising either quality or statutory requirements.

“Our Savings Bank account is also gaining popularity in view of its low or no associated cost. Our free SMS alert facility for any credit or debit in the account is an added security feature and allows account holders to keep track of their account with ease and comfort,” he said.

Branch expansion

Bank of Baroda has three branches, two in Auckland and one in Wellington.

While the branch in Wellington commenced operations on April 2 at 55 Featherston Street, its South Auckland branch (726, Great South Road, Manukau) became operational on May 7.

“The initial response to the Manukau and Wellington branches has been overwhelming and customers are delighted to find that an Indian bank has come to their doorstep,” Mr Upreti said.

Impressive growth

As reported in our May 15, 2012 issue, Bank of Baroda recorded an overall improvement in its performance worldwide as at the end of March 2012.

The Bank’s total global business increased by 25.9%, while net profit accounted for a rise of 38.7%. Total advances increased by 25.7% and Capital Adequacy Ratio (Basel II) moved up marginally to 14.67%, reflecting growth.

The Bank’s Managing Director Mangalore Devadas Mallya said in Mumbai on May 4 that profit for the fourth quarter rose by 17%, supported by an increase in interest income and a tax refund.

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