The arrangement was launched in Mumbai on Saturday in presence of P L Gairola, CMD, Dena Bank and Dr B R Shetty, MD & CEO of UAE Exchange.
Under this arrangement, the NRIs of West Asia can remit funds to India by sending rupee drafts drawn by UAE Exchange Centre LLC on 200 designated branches of Dena Bank in India.
UAE Exchange Centre has branches spread across the United Arab Emirates.
Remittances can be effected for opening and credit of NRI accounts.
This arrangement is very popular with the Indian expatriates.
The number of Indians in the Gulf is estimated to be about 4 million and remittance to India is about $5 billion a year.
Dena Bank expects substantial growth in NRI deposits as fall out of this arrangement.
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