Suresh Bajpai and senior representatives of Kotak Mahindra Bank Ltd after signing the agreement.
Doha Bank and Kotak Mahindra Bank Ltd (KMBL) have announced a new strategic alliance that will make India-based products available to non-residents in Qatar.
Under a memorandum of understanding signed between the two financial institutions, Doha Bank’s NRI customers will be able to access the complete range of banking products and services, including investment and loan products, in Qatar as well as India.
With this alliance, customers of Doha Bank can seamlessly access the products and services of KMBL in Qatar.
The Kotak Mahindra Group is one of India’s leading financial services conglomerates and KMBL offers retail financial solutions for varied customer requirements, providing a range of services through a suite of investment services and loan products.
The bank has over 437 branches and 961 ATMs spread across 255 locations in India, supported by the products, experience, infrastructure and commitment needed to deliver end-to-end solutions for NRI customers.
Doha Bank Group CEO Dr R Seetharaman said: “We are excited to be furthering our strong partnership with Kotak Mahindra Bank. This strategic alliance will help customers in Qatar and the UAE expand their personal saving and investment horizons and establish a clear foundation of financial health and stability that will benefit their families.
“NRIs are today asking their banks for much more than just avenues for the repatriation of funds. They are seeking opportunities to secure assets and opportunities that benefit their families. They are also looking to plan their financial future to cover major occasions in life such as marriage, education and healthcare.
“With the help of Doha Bank’s advanced expertise in the GCC markets and the corresponding experience in India through KMBL, customers receive world-class customer care in both Qatar and India.”
In addition to its extensive network in Qatar, Doha Bank have full branches in Kuwait, Abu Dhabi and Dubai.
Suresh Bajpai, head of retail banking at Doha Bank, said: “Doha Bank is extremely happy to extend our arrangements with Kotak Mahindra Bank and further extend the scope of financial solutions available to NRIs. This arrangement will provide Doha Bank’s customers with the best products and services offered by both banks. They can also experience Doha Bank’s Al Riyada premium banking services in Qatar with extended NRI banking services, including investment and loan products, in India.”
K V S Manian, president of consumer banking at Kotak Mahindra Bank, said: “We are delighted to have arrangements with an institution as large and reputable as Doha Bank. This arrangement brings together the respective strengths of each bank to meet diverse financial needs of the Indian diaspora. We look forward to providing our wide-ranging NRI banking product suite for the benefit of the NRI community in Qatar.”
Bajpai said Doha Bank is privileged to offer its customers a host of services and benefits across multiple product lines.
The Al Riyada services are designed to meet and exceed the highest expectations. Banking transactions will be conducted with utmost discretion and experienced relationship managers will be dedicated to provide expert advice on financial products and services, manage banking transactions and devise solutions tailored to the needs of NRIs in Qatar and India.