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International Banking Division

With the passage of time and to be in tune with the rapidly changing economic scenario, it was felt that the co-operative sector should not lag behind in foreign exchange business. To meet this requirement, the bank obtained the “Authorised Dealer’s license” from Reserve Bank of India, for undertaking foreign exchange business. The International Banking Division (IBD) of the Bank thus commenced foreign exchange business on 28th May, 1990.

The International Banking Division in accordance with RBI, FEMA, FEDAI directives. Offers following products to its various constituents and its constant endeavor shall be to provide them better and faster services.

  • Preshipment / Postshipment Credit
  • Establishment of foreign letter of credit, payment of bills received on collection basis ,advance remittance
  • Purchase and sale of foreign currency notes
  • Receive foreign inward remittances and also effect outward remittances. i.e. Education Free, Medical Treatment Abroad, Travelling, Maintenance of Family residing abroad, under Liberalised remittance scheme, etc.
  • External Commercial Borrowings (Buyers/ Suppliers credit)
  • Foreign cheques collection from customers for credit to their accounts
  • Issuance of Demand Drafts in various foreign currencies
  • Issuance of Bank Guarantee on behalf of exporters
  • Opening of Non Resident Accounts-Non- Resident (Ordinary) Account, Non-Resident (External) Rupee Account, Foreign Currency Non-Resident Account (FCNR), Resident Foreign Currency Account, Resident Foreign Currency (Domestic) Account
  • Opening of Exchange Earners’ Foreign Currency Account (EEFC)

During the year 2003-04 the Bank installed “SWIFT’ system, to enable quick and safe communication with overseas banks, thereby providing speedy and better services to customers. It put the MSCB in line with commercial and foreign banks. We are maintaining our Nostro Accounts in 4 major currencies abroad i.e. USD,GBP,EURO & JPY.

So far, Bank has Relationship Management Application (RMA) with 41 different banks situated abroad.