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Financial service for NRIs launched

MOIA, in association with UTI Bank, has launched a new scheme to help overseas Indians invest in the country.

india Updated: Apr 25, 2006 10:19 IST
Indo-Asian News Service
Indo-Asian News Service

The Ministry for Overseas Indian Affairs (MOIA), in association with UTI Bank, has launched a new service aimed at helping Indians abroad investing in India.

A new Financial Information Service, part of MOIA's Pravasi Bharatiya Seva (PBS), covers investment opportunities in India ranging from mutual funds, equity and fixed income avenues to tax issues relevant to overseas Indians and the real estate market in India.

PBS is an MOIA initiative to provide financial information in a simple and comprehensive way, covering the entire range from basics to analytics in each sector to Indians living abroad.

Till now, PBS had only offered remittance service for overseas Indians.

Finance Minister P Chidambaram had launched the remittance service at the Pravasi Bharatiya Divas in Hyderabad in January this year.

The remittance service enables overseas Indians to remit money instantly from across the world to a bank account in India through banks partnering with UTI Bank.

This seamless transfer envisages instant movement of funds from the remitter's bank account abroad to the beneficiary's account with UTI Bank in India instantly at the click of a button on your computer.

It facilitates remittances to over 18,000 bank branches across India.

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