Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
22 February, 2018 22:25 IST
SBI ties up with Transfast Remittance LLC for remittance
Source: IRIS | 16 Jan, 2018, 09.53AM
Comments  |  Post Comment

State Bank of India (SBI) the largest commercial bank in India, 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+ countries-for inward remittance from the USA to India. 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.

As per World Bank (Q,N,C,F)* data, India has received inward remittance of nearly USD 65 billion in 2017 of which SBI received more than 23%  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% through inward remittance  with this tie-up. The remittance facility would be available to the NRIs in USA by middle of Feb 2018.

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. It has always been our endeavor to offer value to our customers and effective remittance offering will further cater to the needs of the  large US Indian population.''

Shares of the bank gained Rs 0.5, or 0.17%, to trade at Rs 302.75. The total volume of shares traded was 78,895 at the BSE (9.42 a.m., Tuesday).

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Vascon Engineers inks deal with Lina Ashar Foundation - 22-Feb-2018 13:15
Tata Comm partners with Taiwan's Chunghwa Telecom - 22-Feb-2018 10:57
Godrej Properties adds new residential project in Gurgaon - 22-Feb-2018 10:22
Indian Hume Pipe Co secures work order worth Rs 1.35 bn - 22-Feb-2018 10:15
Glenmark Pharma enters into collaboration with SDC Pharma - 22-Feb-2018 09:39
Lupin launches generic Namenda XR capsules in US - 21-Feb-2018 16:00
Lupin gets USFDA nod for generic Tamiflu for oral suspension - 21-Feb-2018 14:27
SSWL wins exports order from German OEM-BMW - 21-Feb-2018 12:15
BHEL bags Rs 10.34 bn captive power plant order - 21-Feb-2018 12:07
Reliance Ind to acquire 5% stake in Eros Int'l PLC - 21-Feb-2018 10:51
IRB Infra Developers receives appointed date for Kishangarh Gulabpura Tollway project - 21-Feb-2018 09:44
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer