The largest private sector lender of the country, ICICI Bank has joined hands with Sri Lankan lender, Sampath Bank PLC in order to promote offshore remittance facility between the nations.
Sri Lanka has an online fund transfer platform called Money2SriLanka (M2SL) which helps beneficiaries in Sri Lanka to receive remittances from any other countries, said ICICI Bank.
"We remain committed to extend expertise in the cross border payments business and the online tracking service for money transfers is the first step towards creating a remittance platform for Sri Lanka," an ICICI spokesperson said.
The remittances through M2SL can be availed by ICICI Bank Sri Lanka and Sampath Bank. The disbursal would take place to the beneficiaries' accounts through Sri Lanka Interbank Payment System (SLIPS). Beneficiaries can have accounts with any bank in Sri Lanka.