Agencies, New Delhi
State Bank of India (SBI), the largest commercial bank in India, on Monday announced tie-up with Transfast Remittance LLC, the USA based payment network since 25 years with a network that covers over 6 billion people across 120 plus countries for inward remittance from the USA to India.
According to a SBI press release, Transfast enjoys a leadership position in the cross border payments industry and offers competitive pricing, fast transfer of funds and personalized customer engagement to notify transfers and other value added services.
The remittance tie-up agreement, signed by Sujit Kumar Varma, Chief General Manager (International Banking), SBI and Samish Kumar, CEO, Transfast Remittance LLC, establishes a framework for US based NRIs to remit their funds to their bank account with any bank in India using SBI India’s network.
As per World Bank data, India has received inward remittance of nearly 65 billion dollar in 2017 of which SBI received more than 23 per cent in terms of value of transactions. This tie-up with Transfast will further boost the market share of SBI in the retail inward remittance business.
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 Feb 2018.
Commenting on the tie-up, Siddhartha Sengupta, DMD & Group Executive, International Banking, SBI said, “We are happy to announce this mutually beneficial association with Trans-Fast 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 India’s technology platform.”
Samish Kumar, Chief Executive Officer (CEO), 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. We are very happy to offer our large Indian customer base the ability to deposit money instantly into bank accounts at SBI.”