CRDB Bank Managing Director, Dr Charles Kimei
CRDB Bank has launched a special banking platform for Indian business communities’ that will allow them to utilize the banks numerous financial facilities without necessarily having to open accounts with the bank.
Termed ‘The Indian Desk’ this facility will do more than enhance business activities between us but it will build social political relations ties between Tanzania and India as well,” CRDB Bank Managing Director, Dr Charles Kimei said at the launching event over the weekend.
This follows last year’s establishment of the China Desk that has proved to be most effective and already controls over 50 per cent market share of financial transactions between Tanzania and China.
“With the CRDB Bank Indian Desk, we shall be able to move much closer to the Indian Business Community focusing on products and services that match their requirements,” Dr Kimei said.
The CRDB Bank Managing Director said the Indian desk further cements the Tanzania/India historical business relations and pointed out that currently, India is the third largest investor just behind China and UK, with Foreign Direct Investment (FDI) close to 2 billion US dollars in more than 400 firms.
“The Indian Desk will undertake all transactions in Indian Rupee in order to reduce transaction costs while covering customers against exchange rates risks,” Dr Kimei explained.
“This single window will provide a banking platform that supports all banking businesses that Indian investors, exporters and importers here in Tanzania and in Burundi are covered,” he detailed.
To accomplish this, Dr Kimei said CRDB Bank has partnered with two Indian banks, the State Bank of India and ICICI Bank to create a banking synergy that will ease the banking frustrations for traders from the two countries.
“The two are two largest banking outlets in India with over 17000 branches across the country with asset values in excess of 600 billion US dollars,” Dr Kimei went on to explain noting that the facility will ease automatic opening of Indian accounts with the partner bank to ease fund remittances with their bank.
Commenting, the Deputy High Commissioner of India to Tanzania, Shri Balvinder Humpal said the CRDB Bank Indian Desk will create better and mutual business relationships and further intensify the trade relations between the two countries in the coming years.
“The desk will enhance and add value to trade and commercial relations between the two countries as well as link investors from both countries,” he said.
The desk provides Tanzanian business communities to use a one stop trading service complete with a structured finance system covering fund remittance in a cost effective manner.
It is also envisioned that the Indian Desk and other similar ones, will facilitate in due course, special tie-ups with educational institutions and hospitals to provide assured benefit driver services to both Tanzanian/Burundi customers.
SOURCE: THE GUARDIAN
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