Indian Overseas Bank (IOB) is planning to introduce instant remittance facility from the United Arab Emirates. With this facility, non-resident customers can credit their remittances immediately into beneficiary’s account in India. In case of any requirement customers can contact the Dubai office of the bank.
The bank has reported 7.60% rise in its net profit at Rs 116.50 crore for the quarter as compared to Rs 108.27 crore for the same quarter in the previous year. Total income of the bank has increased by 16.58% at Rs 5846.98 crore for quarter under review as compared to Rs 5015.33 crore for the quarter ended December 31, 2011.