According to press release issued by the public sector lender, Central Bank of India, on Friday it has entered into a tie-up with Mashreq Bank.
As per this agreement all trade transactions and remittances denominated in US Dollars relating to the US, will be handled by Mashreq Bank through a dedicated desk. The desk would be like a virtual branch of Central Bank.
The press release stated through this arrangement, Central Bank would be able to take the benefits of operational capabilities of Mashreq Bank, New York, for various business operations.
The tie-up further will provide flexibility to Central Bank to invest funds with institutions of its choice forgetting higher return. "The virtual branch scenario is expected to bring down the cost of transactions which will be beneficial to the bank's customers," the release added.
The desk will make easy for quick response to customer queries and fast realization.
"Overall, the tie-up for virtual branch will enable Central Bank of India to provide more efficient and timely service to the exporter and importer community," the release said.