The National Bank of Oman (NBO) is collaborating with India’s Axis Bank to look into the financial requirements of Non-Resident Indians (NRIs) staying in or Indian nationals planning to move to Oman.
According to the partnership, NRI customers in Oman will be offered crucial banking services like account opening, remittances, mobile and online banking, depositing funds as well as recognizing investment opportunities in India. Meanwhile, Indians relocating to Oman will be assisted by Axis Bank in handling their finances overseas smoothly, the Times of Oman reported.
“Banking transactions, including remittances between the Middle East and India, have been growing continuously, and we look forward to playing a significant role in serving the banking needs of our fellow citizens in Oman. We are delighted to partner with NBO, which will further help us extend our reach in the Middle East,” Rajiv Anand, executive director, Axis Bank, was quoted as saying by the Times of Oman.
NRIs comprise the largest expatriate group in Oman and are also the largest senders of remittance in the country, accounting for around 65 per cent of outgoing financial transactions.
“Oman is home to a large and dynamic population of NRIs, who make an important contribution to the Sultanate’s economy and we are delighted to work with Axis Bank to launch a dedicated service to support the specific financial needs of Oman’s NRI community,” John Chang, general manager and chief retail banking officer at NBO, said, adding, “NBO, with its elite group of relationship managers, and Axis Bank, will ensure this key segment of the market is served seamlessly, regardless of whether they are banking in Oman or in India.”
Indians traveled for work to 18 countries, including Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Bahrain, Oman, and Qatar in 2017. Oman was among the top five destination countries for Indian workers in 2017, with 53,332 people getting jobs there. Some of the top roles in 2017 were that of a mason, labor, carpenter, helper, and electrician, according to government figures.
According to the Central Bank of Oman, outward remittances increased from below OMR3 billion in 2012 to around OMR3.7 billion in 2016. “Around 40-50 per cent (in UAE it is even higher) of the total population in the region is expats, predominantly from India, Pakistan and Bangladesh,” said a financial expert based in Oman, Times of Oman reported.