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Auditors

Name
:
M/s. Arab Certified Accountants
Address
:
P.O.Box 2683,
Safat 13027,
Kuwait.
Phone
:
00-965-22423462
Fax
:
00-965-22404871
Email
:
aca_q8@hotmail.com
.
.

Official of Kuwait India International Exchange Company in-charge of Compliance with Anti-Money Laundering regulations:

Name
:
Address
:
Manager (AML Compliance)
P.O.Box 25965, Safat
13120, Safat, Kuwait
Phone
:
00965-22422688
Fax
:
00965-22405815
Email
:
agmaml@kuwaitindia.com.kw
.
.

Internal Auditor:

Name
:
Mrs.Amani Ahmed
Address
:
Internal Auditor
P.O.Box 25965, Safat
13120, Safat, Kuwait
Phone
:
00965-22422688
Fax
:
00965-22405815
Email
:
headoffice@kuwaitindia.com.kw

History

Kuwait India International Exchange Company was the first exchange company established by SBI as a joint-venture with equity participation in Gulf on the 15th October, 1978. The Kuwaiti promoter/sponsor was Abdulla Hamad Al-Ateeqi Group, a renowned business group in Kuwait.

The Company commenced operations in the year 1979.

The first office of the company was at Souk-Al-Manak building and was later moved to Sharq. In order to make it convenient for its customers, the offices were shifted, in 1981, to Murgab, opposite to Bus stand and Safat Post office. The Corporate Office and Safat Branch are located here now.

Pioneers

Strong foundations for the success of the company were laid by expert bankers deputed by SBI to manage the affairs of the company in its early days

Mr.K.Govindan built up the systems and procedure and laid down sound business principles for the company.
Mr.H.V.Rangaswamy expertly managed to place the company once again as the premier exchange company in the difficult post-liberation scenario by focusing on the customer-service and weaved the company into the social activities of NRIs in Kuwait.
Mr.N.R.Sampath , who returned to Kuwait India for a second tenure, took the company to fresh heights with excellent strategies in customer relations, branch expansion and use of technology
Mr.R.Kuppana , ex-GM of SBI, currently heading our company, is building on the great work of his predecessors and is focussing on providing value-added services to customers in the areas of money transfers, financial planning and investment to our customers. Customer-focusedness, cost-competitiveness and corporate delivery systems are the planks of the current strategy in place.

Iraqi Invasion

Like for most of the companies, the history of Kuwait India is divided into Pre-invasion and post-liberation period. While many exchange companies that were established around the same time as Kuwait India, such as the Indian Exchange, Kuwait Western Exchange, closed down even before the Iraqi Invasion, a number of exchange companies did not restart their operations in the post-liberation period. However, due to the sound business practices, conservative policies and the financial discipline adopted by Kuwait India, the customers’ money was safe despite the Iraqi invasion and the company started its operations with vigour in the post-liberation scenario.

An Aside – Exceptional Showing by the Company

The benefits of prudent policies adopted by Kuwait India to safe guard the amount being remitted by customers were realised by the customers during the period of Invasion. Even during the time when Kuwait was a country under occupation by the Iraqi Army, in order to assist the large number of customers whose remittance drafts were lost due to the invasion, State Bank of India issued instructions to all its branches to make payment to its customers simply on the basis of the copy of Cashier’s receipt issued by Kuwait India and an indemnity. Thus the trust reposed by the customers in Kuwait India was fully justified.

The company continued its customer-oriented approach in the post-liberation period by settling all the claims of the customers (who left and came back to Kuwait) in respect of lost remittances by adopting a simple procedure. Thus the customers who came prepared for a long-drawn out process in reclaiming their remittance amount were pleasantly surprised to receive it almost immediately.

We can with pride affirm that this is a unique and a singular instance, in the annals of business history, of high level corporate ethics, integrity and governance. And above all, we have acted as the true custodians of our customers’ monies.

Branches

Over the years, the Company opened branches at

> the oil town of Fahaheel in the year 1984 (20/10/1984)

> Jleeb Al-Shuyoukh in 1997 (14/08/1997)

> Maliya in 2003 (10/07/2003)

> Jahra in 2005 (04/06/2005)

> Salmiya in 2006 (15/07/2006)

> Farwaniya in 2008 (03/04/2008)

> Mahboula in 2010 (26/08/2010).

 

The company also established Liaison Offices in India at five locations during 2000 -2001, after obtaining requisite approvals from RBI and with the offices being audited at monthly intervals. Similarly, Kuwait India continuously upgraded its computer systems and procedures to make optimum use of technology to serve its customers.

An Aside, again

Kuwait India’s experience in the exchange business and the comprehensive understanding of the executives regards SBI policies/procedures/systems, were utilised to a great extent by SBI, while introducing its own technology/product initiatives.

Customers

While Kuwait India is proud of its history in having served more than 30 million customers , it still attaches as much importance to its customer walking in today as it did for its first customer when it started its business more than two decades ago.

Come to Kuwait India –
Become a part of its history as well as its future !!!

Board of Directors

R.Kuppanna
General Manager

 

Hamad Al Ateeqi
Chairman

 

Our Motto

1. The Customer Service
The Customer is the most important person at our premises.
He is not dependent on us; we are dependent on him.
He is not a disturbance to our Work.
He is the purpose of it.
…. Mahatma Gandhi


2. Compliance before Profits

Your Company

 

> Is a pre-eminent, India-focussed, money transfer/exchange Company
> Established in 1979, it is the second oldest Exchange Company in Kuwait
> Set up as a joint-venture (with equity participation and management contract) between State Bank of India (SBI) and the well-renowned Hamad Abdulla Al-Ateeqi Group of Companies
> Regulatory changes by the Central Bank of Kuwait, over the years, has resulted in the Company being fully owned by the Kuwaiti Promoter Group, with the top management being by ex-SBI officials
> The Company, built up by SBI, has robust systems/procedures/internal controls in place, is tech-driven, has strong corporate-governance standards and enjoys the reputation of a customer friendly, trustworthy, safe and sound institution.
> Compliance before business/profits is the leitmotif of the Company, thus emerging as a responsible, top corporate citizen
> The Company is perceived by the Indian diaspora, even today, as synonymous with SBI
> Since inception, over 30 million customers, have been served by the Company
> Has correspondent relations with SBI, SBT, SBH, SBBJ, Yes Bank and many other banks
> Provides paper/electronic products, in all major currencies
> Offers Western Union Money Transfer Services
> Transfer of monies to India within minutes (SBI Express Remit), and on the same day/next day to any branch of any bank anywhere in India: RTGS, NEFT
> NRIs draw heavily on the knowledge/experience/expertise/networking abilities of the Company Executives (ex-SBI) in the areas of NRI rules/regulations, taxation, savings, investments and so on. Besides money exchange, Kuwait India plays the vital role of an information exchange, knowledge exchange and an intellectual exchange.
> The Company’s business philosophy and focus is on relationship-building rather than mere transaction-focus.
> Truly, Customers’ Trust is Kuwait India’s Pre-eminence