There is good news for Non-Resident Indians (NRIs) residing in the United States as they can easily send funds into their banks accounts in India. In this connection, State Bank of India (SBI) has tied up with US-based Transfast Remittance LLC to help Indian diaspora in remitting their funds back to India.
Giving information about the partnership, Siddhartha Sengupta, DMD & Group Executive – International Banking, SBI, said, “We are happy to announce this mutually beneficial association with Transfast Remittance LLC. Now the Indian diaspora in the United States will be able to conveniently send funds directly into their account across various banks in India in the shortest possible time using SBI's technology platform.”
The partnership will enable the US-based NRIs to remit their funds to their bank account with any bank in India using the SBI's network.
Samish Kumar, Chief Executive Officer (CEO) of Transfast Remittance LLC, said, “With the largest account holder base and an extensive network of branches across the country, SBI is the leading bank in India, making it an important choice for the Indian diaspora community sending money from abroad.”
Transfast is a network that covers people across more than 120 countries. As per World Bank data, India has received inward remittance of nearly USD65 billion in 2017, of which SBI received more than 23 per cent in terms of value of transactions.
SBI said, “This tie-up with Transfast will further boost the market share of SBI in the retail inward remittance business.”
It added, “SBI aims to achieve a sharp growth of about 50 per cent through inward remittance with this tie-up. The remittance facility would be available to the NRIs in USA by middle of February 2018.”