(MENAFN- The Peninsula) The Peninsula
DOHA: Doha Bank recently held the soft launch of its Chennai branch in the Southern Indian City. Doha Bank had received Reserve Bank of India's approval to relocate one of its two branches in Mumbai i.e. Raheja Center branch, to Chennai. This is its third city in India after its successful establishment of branches in Mumbai and Kochi.
Doha Bank, through its three branches, provides corporate banking, retail banking, SME, treasury, trade finance and foreign exchange services. Their corporate and SME product offerings include Term Loans, Working Capital, Trade Finance Products like LC's, Bank Guarantees, Buyers' and Suppliers Credit as well as Treasury Products / Hedging Solutions like Spot / Forward Contracts / Options / Interest & Currency Swaps.
On the Retail and NRI side, they offer the entire range of liability products like Savings Account, Current Account, Term Deposits, FCNR (B) Deposits, Exchange Earners Foreign Currency Account (EEFC), PIS Accounts with Internet Banking facility. In addition for NRIs, through their collaborations, they offer home loans, wealth management and estate & succession planning services.
The bank provides technology-driven customer-centric solutions to include Internet banking, mobile banking, app-based solutions, instant e-remittances solutions 24/7 from its gulf branches to its branches in India though the RTGS and NEFT platform to any of the 85,000 bank branches in India and offers ATM services connectivity through an extended network in India.
At the launch ceremony, Dr. R Seetharaman, CEO of Doha Bank Group, gave insight on global economies. He said 'According to IMF Jan 2018 Outlook, the emerging and developing economies are expected to grow by 4.9 percent in 2018 and 5percent in 2019 respectively.
He said 'Chennai is one of the top 10 global automotive clusters, and this sector continues to attract interest across various automotive ancillary units.
Commenting on solid Qatari economy he said: 'IMF October 2017 has forecast Qatar economy to grow by 3.1 percent in 2018. In response to the economic blockade, Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy. Qatar's reserves are more than twice of its GDP and in terms of financial stability Qatar is strong, stable and functional.
Speaking on Qatar-India bilateral relationship, he said: 'The bilateral trade between Qatar and India during 2016-17 was above $8bn....We are looking at infrastructure creation, real estate, contract manufacturing, trade, corporate houses, SMEs and services to tap potential clients from Tamil Nadu. Qatar and other economies in the region have huge potential in these sectors.
' Doha Bank looks forward to synergize on the cross border relationships between Tamil Nadu, Qatar and its global footprint to its customers from Chennai branch. Hence Chennai branch will enhance synergies amongst Qatar, Tamil Nadu and Doha Bank Global network, Dr Seetharaman added.
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