Times of Money, Indian Bank tie up for remittance solution

Chennai-based Indian Bank, one of the leading public sector banks with a strong presence across India. Recently signed an agreement with TimesofMoney.com to offer an internet-based option for NRIs in the United States to send money to their families in India. The service is powered by Timesof-Money.com, the pioneer in e-enabling remittance solutions, which will handle technology, operations and customers service for the product.

Every year, thousands of non-resident Indians across the globe send money to India, but the current options available are the time-consuming dollar check and the expensive wire-transfer. Indian Bank is one of the first banks to recognize the need to serve this community. With over 1,300 branches across the country, it has a huge NRI customer base and has always been in the forefront with regard to innovative solutions offered to its customers.

The Bank has a huge base of customers who send money through traditional modes and its aims to convert them to the more convenient online mode. Over 60% of NRIs in the US hail from South India, This combined with the bank’s strong branch presence in that region, makers this product a strong proposition for the customer.

The alliance marks another landmark in the remittance market for TimesofMoney. The company has tied up with numerous banks in the Asia Pacific region to offer a complete remittance solution for customers. It has emerged as the leader in offering web-based remittance solutions across the globe.

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