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United Bank of India, one of the major public sector banks in India having a strong presence in the foreign exchange market , has a representative office at Dhaka Bangladesh and the only bank assigned to facilitate Indo Myanmar trade in India.
The modern state-of-the-art dealing room at its Head Office (H.O) at Kolkata provides the necessary wherewithal to its 41 designated ‘B’ Category Authorized Dealer (AD) branches and 193 ‘C’ category Authorized Dealer (AD) branches across the length and breadth of the country authorized to handle foreign exchange business of its clientele. The Bank has retained its primacy as a leading market maker both in spot and forward markets, along with foreign exchange swap markets.
The foreign exchange dealing desk at the H.O is provided with all modern communication facilities and is in the process of linking all its authorized branches via ITMS, to provide on-line quotes for foreign exchange transactions.
Through its large network of authorized branches, the Bank caters to the foreign exchange needs of its clientele engaged in export and import trade and the dealing room at H.O. provides rates for conversion of all major world currencies like U S Dollar, Sterling Pounds, Euro, Swiss Francs, Japanese Yen and other exotic currencies. The services to the customers of the Bank include hedging of foreign currency risks by providing forward covers and various derivatives product, instant encashment of traveler’s cheques and foreign currency notes tendered by the tourists. Granting of pre-shipment credit in foreign currency and Rupee currency to exporter customers Purchasing/Discounting/Negotiating of export bills Opening of foreign letters of credit for import customers and issue of foreign customers, Execution/Transmission of Payment Orders through SWIFT, Correspondent relationship with major international Banks
Since most of its AD branches are strategically situated at places where sizeable Non-resident Indians are residing, the Bank is in a position to deliver its products promptly and efficiently to its NRI customers. The range of products includes remittance facilities and acceptance of deposits in Indian Rupees (NRE / NRO) as well as in designated foreign currencies (FCNR). Resident as well as Returning Indians can avail of benefits like Resident Foreign Currency Accounts (RFC).