Private sector lender, Lakshmi Vilas Bank and Timesof Money, a wing of Times Group have entered into a deal to offer remittance facility in India. The two entities have together launched India Remit which would allow remittance from 22 countries in 9 currencies.
NRIs can use this online remittance facility by registering into the bank's website by providing details like sender as well as recipient's bank account details, SWIFT code amongst others.
Remittance will be done in terms of Indian rupees (INR) through the banks which have been listed under TimesofMoney. Countries like United States of America, Australia, Japan, Singapore, Hong Kong and UAE will all be encompassed in this deal.
PR Somasundaram, MD & CEO, Lakshmi Vilas Bank, said, "Our aim is to extend the range of services, whereby customers enjoy a distinct advantage in terms of mobility across geographies and the convenience of anywhere, anytime banking. The registration for the entire process is simple and our customers receive email updates at every step of the process."