Search

Axis Bank tied up with Bahrain Bank for remitting Money from Bahrain

Corporate Current Affairs 2012. India’s third largest private sector lender Axis Bank on 28 May 2012 signed an agreement with Ahli United Bank B.S.C., Bahrain for remitting money from Bahrain to any person in India

May 29, 2012 18:16 IST

India’s third largest private sector lender Axis Bank on 28 May 2012 signed an agreement with Ahli United Bank B.S.C., Bahrain for remitting money from Bahrain to any person in India.

With this agreement coming into practice, the Indians living in Bahrain would be able to transfer their money to India using the internet banking platform MyE-Bank. The benefit of the new internet banking platform could be availed only by those who holds an account with Axis Bank or any of more than 83000 NEFT-enabled branches of over 100 other banks in India.

There is no any specified limit put on the number of transactions that can be initiated under this arrangement. Currently, the customers can initiate transactions up to Bahraini Dinar 5000 (approximately 731950 rupees) per day.

The transactions related to Axis Bank accounts would be credited instantly, while the non-Axis Bank accounts would take 1 to 2 working days to get credited depending on the respective beneficiary banks.