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 focusing on providing value-added services to customers in the areas of money transfers, financial planning and investment to our customers. Customer-focus, cost-competitiveness and corporate delivery systems are the planks of the current strategy in place.
Like for most of the companies, the history of Kuwait India is divided into Pre-invasion and post-liberation period. While many exchange companies were established around the same time as Kuwait India – such as the Indian Exchange, Kuwait Western Exchange, they 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 vigor in the post-liberation scenario.
An Aside – Exceptional Showing by the Company
The benefits of prudent policies adopted by Kuwait India to safeguard the amount being remitted by customers were realized 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.
Over the years, the Company opened branches at the following locations:
The company also established Liaison Offices in India at five locations during 2000 -2001, after obtaining requisite approvals from RBI. However, all these liaison offices have since been closed, due to the advent of electronic speed remittances having facility of direct credit to customers’ accounts. 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.
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 three decades ago.
Hamad Al Ateeqi Group of Companies, a privately held conglomerate of businesses, had its beginnings in 1975. Led by its visionary founder and Chairman, Mr. Hamad Ateeqi, the Group is into General Trading & Contracting, Real Estate (construction and trade), Education, Consulting and Money Transfer/Remittances world-wide.
Mr. Ateeqi, an engineer by qualification (USA) belongs to a business family, which had strong Kuwait-India trade links as early as 1947. He has been rendering yeoman services to the expats of Kuwait, predominantly Indians, in money transfer/exchange and in education for nearly four decades now. Mr. Ateeqi actively engaged in India, in the 1980s, through direct project investments.
The Group was the first one, in Kuwait, to venture into the money remittances business to India when its flagship company – Kuwait India International Exchange Co. – was established in 1978 in collaboration with State Bank of India, with equity participation and management contract by the latter. Old-timers and senior residents of Kuwait aver that the setting up of Kuwait India dealt a serious blow to the hitherto, unregulated, risky, hawala trade and made remittances to India safe and reliable. Over the decades, through its customer service, impeccable corporate governance and strong relationship with State Bank of India, the Company has earned the plaudits and trust of the Indian diaspora.
It also set up, in 1984, City International Exchange Company, to meet the growing demand for these services and to mainly non-Indian expats.
Carmel Higher Secondary School, managed by the Sisters of the Apostolic Carmel, established in 1969, came under the sponsorship of the Group since 1977.
Among the major construction projects undertaken, over the years, by the Group are The Institute of Banking Studies (Sharq) and the Kuwait National Museum (Arabian Gulf Street, Kuwait), a landmark in the annals of Kuwait’s history.
|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
> 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
|(Discounts available depending on amounts)|