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21-04-2005, 17:10

"Lloyds TSB Bank launches service for British Indians:-
London | April 18, 2005 9:02:30 PM IST

British Indians living in the UK will be able to use branches of Lloyds TSB bank to arrange a rupee mortgage to buy property in India.

According to the BBC, Lloyds TSB's India banking service will also permit free money transfers between the UK and India.

The service is aimed at the UK's 1.2 million strong Indian community, many of whom have property, investments and savings in India.

But the service will not be available to people of non-Indian descent.

In order to launch its India Banking Service, Lloyds TSB has entered into partnership with Indian bank ICICI.

Customers wanting to use the service must first open an account with Lloyds TSB, which will then open a second account on their behalf with ICICI.

This will allow customers to transfer money between the Lloyds TSB and ICICI accounts for free.

In addition, the customer will have access to ICICI's home loan service, which will enable them to apply for a rupee mortgage to buy property in India, for themselves or as a buy-to-let investment.

Lloyds TSB, which recently launched an Islamic current account, said it believed the India banking service would help meet the needs of its British Indian customers.

"Many British Indians have businesses, properties and families back home which they continue to finance," Lloyds TSB spokesman Gordon Rankin said.

"The India Banking Service is designed with the needs of this community in mind and should help a large and vital part of the population get the most out of their money."

The India banking service will be available in all Lloyds TSB branches from the end of April.

But customers must be prepared to prove their Indian descent to open an account to comply with Indian banking regulations, Lloyds TSB said.(ANI)

21-04-2005, 17:10	#47
andyl Guest Location: Bury Services: NTL 2MB Broadband, x2 phones, digi TV. Posts: n/a	Re: Has to be Racist Surely "Lloyds TSB Bank launches service for British Indians:- London \| April 18, 2005 9:02:30 PM IST British Indians living in the UK will be able to use branches of Lloyds TSB bank to arrange a rupee mortgage to buy property in India. According to the BBC, Lloyds TSB's India banking service will also permit free money transfers between the UK and India. The service is aimed at the UK's 1.2 million strong Indian community, many of whom have property, investments and savings in India. But the service will not be available to people of non-Indian descent. In order to launch its India Banking Service, Lloyds TSB has entered into partnership with Indian bank ICICI. Customers wanting to use the service must first open an account with Lloyds TSB, which will then open a second account on their behalf with ICICI. This will allow customers to transfer money between the Lloyds TSB and ICICI accounts for free. In addition, the customer will have access to ICICI's home loan service, which will enable them to apply for a rupee mortgage to buy property in India, for themselves or as a buy-to-let investment. Lloyds TSB, which recently launched an Islamic current account, said it believed the India banking service would help meet the needs of its British Indian customers. "Many British Indians have businesses, properties and families back home which they continue to finance," Lloyds TSB spokesman Gordon Rankin said. "The India Banking Service is designed with the needs of this community in mind and should help a large and vital part of the population get the most out of their money." The India banking service will be available in all Lloyds TSB branches from the end of April. But customers must be prepared to prove their Indian descent to open an account to comply with Indian banking regulations, Lloyds TSB said.(ANI)