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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 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.

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 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.

Branches

Over the years, the Company opened branches at the following locations:

  • 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)
  • Mobile Branch-1 in 2013 (14/11/2013)
  • Mobile Branch-2 in 2015 (31/03/2015).
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    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.

    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 three decades ago.

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

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