SBI responds to Singapore government initiative with remittance centre 

SBI responds to Singapore government initiative with remittance centre 
04/09/2018 , by , in News/Views

Responding to Singapore government’s initiative for making it “easy lifestyle” for construction workers at dormitories, the State Bank of IndiaNSE -1.05 % has set up a remittance centre in the suburb Punggol district.

“This is in line with the Singapore government’s initiative of providing doorstep facilities for the workers living in dormitories,” Soma Sankara Prasad, SBI’s Country Head, told after opening the centre.

Construction and marine industry workers can remit to their homes in India and Bangladesh in rupee and taka, respectively, he said. The centre will operate late in the night.

The centre was opened by India’s High Commissioner to Singapore, Jawed Ashraf, on Sunday.

This reduces the worker’s time to travel to main banks and branches in city areas, he pointed out.

Depending on demand for the centre, SBI plans to open more outlets serving the South Asian workers. These centres will be in addition to the 25 ATMs and branches SBI is allowed as a full qualifying bank by the Monetary Authority of Singapore.

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