Kochi: State Bank of Travancore has launched a Forex Advisory Centre at Ernakulam today to provide free services including advisories and counselling on foreign exchange related matters to businesses all over Kerala.
This is the first such advisory centre to be opened by any bank in the State on a no-fee basis and will cater to the advisory requirements of both SBT customers and non-customers. The centre’s advisory services, especially on the Dollar-Rupee movements and the forward premia changes will also be available to Non-Resident Keralites for their remittance purposes. SBT’s market share in remittances is over 40%.
The bank’s initiative, named as the Regional Treasury Marketing Unit (RTMU) will provide market updates twice daily to corporate, manufacturers and small businesses who may have foreign exchange exposures either through imports or exports. The officials in charge of the RTMU are professionals with domain knowledge of International Banking and will be able to extend advisory services, primarily on hedging of forex exposures of exporters and importers. They will also guide businesses on the availability of cheaper options of funding through foreign currency loans, including External Commercial Borrowings (ECB), primarily through international trade credit.
A Aravind, Chief Financial Officer, SBT said, “The RTMU is targeted at helping such small entrepreneurs and businessmen, get free advice on how best they can manage the currency risks through simple derivatives like forward contracts and may be, options,”
The RTMU officials will visit the offices of customers and non-customers, depending on the requirements and there will not be any charges for these visits, SBT said in a statement. The bank also plans to hold Forex Awareness seminars in all the 15 districts in the State, over the next few months to make this facility available to businesses across the State.
The services of the centre, located at the Commercial Branch of SBT in Ravipuram, Ernakulum will be available on phone, through email and personal visits depending on the service-seeker’s requirements.
The centre was inaugurated at a function at the Zonal Office, Panampilly Nagar, by S Adikesavan, Chief General Manager of the Bank in the presence of Harisankar, General Manager, Ernakulam and Aravind.
Kerala Biz News