Private sector lender South Indian Bank and TimesofMoney have entered into a deal so as to offer remittance facility to the NRI customers of the bank. TimesofMoney is amongst India's leading online payment service providers.
As a result of this deal, NRIs from as many as 22 countries will be able to send funds to any bank in India.
Speaking on this partnership, Dr VA Joseph MD & CEO, South Indian Bank said, "We have partnered with TimesofMoney to provide NRIs a secure, efficient and cost effective way to send money to their beloved ones back home. With TimesofMoney's expertise and understanding of the remittance market we hope to provide an unmatched experience to our NRI customers".
"We are delighted to partner with South Indian Bank which is one of the prominent banks in South India. As per World Bank report 2010 with 11.3 million emigrants, India ranks as the top remittance receiver in the world estimated at US$ 55 billion p.a. Remittance through the online channel is increasing at an incredible pace. We ensure that we provide a superior user experience to NRIs by helping them send money in a safe and simple manner. South Indian Bank, with its NRI focus combined with our proven expertise in managing online remittances would ensure that the customer gets an excellent platform to send money home to his family," said Mr Avijit Nanda, President, TimesofMoney.