Private sector lender, IndusInd Bank and Russian bank JCB Unistream have entered into an agreement for remittances in India.
"Having established ourselves as a major player in remittances from the Middle East, we are now keen to reach out to non resident Indians across other major markets. This arrangement with Unistream will help up tap into India bound flows from Europe and the UK," IndusInd Bank SVP and head global remittances Amit Talwar said.
He said that according to the agreement, customers can send money to India from any branch of Unistream to over 60,000 branches of IndusInd Bank in India.
There are currently 238 branches and 544 ATMs of the bank in India.
"Taking into account the size of the two financial institutions, Unistream's growing international business and IndusInd Bank's recognition in the region, we believe this tie-up is an important milestone in the history of financial sphere of not only India particularly but Asia in general," Unistream's CEO and president Souren Hayriyan said.