Emirates NBD partners with SBI for 60-second remittances
DUBAI, November 10, 2015
Emirates NBD, a leading bank in the region, has expanded its partner bank network in India to include State Bank of India (SBI) for the DirectRemit 60 seconds remittance platform.
With this partnership, Emirates NBD’s non-resident Indian (NRI) customers, who also bank with State Bank of India, can now avail of the fastest remittance service in the UAE more easily, said a statement.
SBI, a state-owned corporation, is the largest banking and financial services company in India by revenue, assets and market capitalisation and the oldest commercial bank in the Indian subcontinent.
The tie-up with SBI will help strengthen Emirates NBD’s DirectRemit platform which is set to benefit a large additional customer base in the UAE.
The partnership with the bank is in keeping with Emirates NBD’s strategy to provide a complete suite of financial solutions to its customers while ensuring enhanced customer convenience. This partnership will allow fund transfers to SBI bank accounts across India in 60 seconds at zero fees.
Emirates NBD currently has existing tie-ups with HDFC Bank, ICICI Bank and Axis Bank in India. Emirates NBD customers can also transfer money to other banks in India with their remittance being processed within an hour.
Suvo Sarkar, senior executive vice president and group head – Retail Banking and Wealth Management, Emirates NBD, said: “We are delighted to join hands with State Bank of India to be able to facilitate fast and easy remittances for our NRI customers.
"The DirectRemit platform is among our most popular services as it provides customers with an on-the-go, quick and free mechanism to transfer funds instantly to their home country. We are confident that our customers will take advantage of this new tie-up to carry out remittances to meet all their ongoing requirements.”
With DirectRemit, customers will not only be able to transfer funds to their family back home instantly, but they can also make home loan payments, pay bills, remit insurance premiums or carry out investments. Customers can avail of the 60 seconds money transfer service via online, mobile banking & ATMs.
Arundhati Bhattacharya, chairman, SBI, said: “India is one of the biggest and the fastest growing countries for remittances. SBI has a large customer base in the UAE and this partnership will help all our customers to carry out remittances instantly and conveniently.
“With the pick-up in India’s economic growth, we will see the pace of remittances growing much faster than earlier.” - TradeArabia News Service
