Oriental Bank of Commerce has pan India presence with its 83 Authorised Dealer Branches and 6 Centralised Transaction Centres – Forex, having trained and professional team to cater to the needs of customers exposed to the globally competitive Forex market. The Bank provides wide range of Forex services for exports/imports and individuals as well.
The Bank undertakes collection of export bills through its correspondent Banks. Well trained and experienced team ensures regulatory compliance and efficient and prompt dispatch of documents.
The Bank offers to advise Export Letter of Credits. Our trained and committed team can guide exporters to understand the nuances of Letter of Credits and assist in export documentation.
The Bank provides pre-shipment finance to the exporters at very competitive rates, in Indian rupee and foreign currency for purchase, manufacturing and processing of goods meant for exports.
The Bank extends Post-Shipment Finance in Indian rupee and foreign currency at very competitive rates, to exporters by purchasing/discounting/negotiating of export bills.
The Bank offers to exporters, the Foreign Currency Accounts like Exchange Earners Foreign Currency Accounts (EEFC) and Diamond Dollar Account (DDA) in conformity with FEMA guidelines.
The Bank undertakes advance payments against imports to suppliers overseas in conformity with the FEMA provisions and assists importer customers regarding regulatory requirements.
Import Bill Collection provides various benefits over advance payments as importers can obtain credit and can check the documents before payment. Moreover, ICC Uniform Rules for collection URC522 regulates the terms and conditions to the documents. Importer can also receive import documents directly subject to extant RBI guidelines. The Bank provides efficient and prompt import document handling services at very competitive rates.
Importers can avail the benefit of lower rate of interest by arranging funds from overseas, for meeting their import obligations or by arranging credit from suppliers. The Bank with its wide network of correspondent banks provides prompt and cheaper finance to the importers by way of buyer’s credit.
The documentary credit is an excellent method of payment for settling international trade transactions and is governed by ICC UCP 600. The Bank offers Letter of Credit facility to importers to facilitate easy import of goods. In addition, the bank also assist importers with the nitty-gritty of LC mechanism.
The Bank is member of the SWIFT network for transfer of funds across globe and has tie up with Exchange Houses in UAE. With our wide network of Nostro/Correspondent banking, funds can be transferred from anywhere globally.
The Bank undertakes outward remittance transactions for trade/non-trade obligations and under LRS, in conformity with extant RBI/FEMA guidelines. The fund transfer takes place in most secured and efficient way through SWIFT to the overseas parties.
With 83 authorised dealer branches and 6 CTC-Forex, customers have easier access to our expertise and services across India. With our trained team of professional, we can provide advisory related to trade finance, Capital Account Transactions in conformity with the extant RBI/FEMA guidelines.
Hedging enables the customers having exposure in Foreign Exchange, to protect themselves from the risk on account of volatility and fluctuation in exchange rates. Customers can book Tom, Spot and Forward Contracts in order to mitigate their exchange rate risks, if natural hedge is not available.