India’s second largest private sector lender,
HDFC Bank, has partnered US-based Wells Fargo to allow NRIs in the
US to quickly remit money to their beneficiary’s HDFC Bank savings
account in India.
In order to use the service, a customer has to
first set up an ExpressSend agreement and after the beneficiary
account information is verified with HDFC Bank, he or she is needed
to conduct the first transaction at a Wells Fargo branch.
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Following that, any further transactions will
be allowed to be conducted through the Wells Fargo website or via
Wells Fargo Phone Bank.
Remittances to HDFC Bank will be denominated
in Indian Rupees.
The new service is aimed at significantly
enhancing remittance opportunities to India. HDFC Bank has over
2,150 branches across India, and in
December 2011 business head for credit cards and merchant acquiring
at HDFC Bank, Parag Rao, told RBI that the lender aims
to open another 450-500 branches in 2012.
India is expected to have received $63.7bn in
remittances in 2011, marginally more than China that got $62.5bn
from nationals working overseas, according to data released by
World Bank on 27 April.
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By GlobalDataWorldwide remittance flows, including those to
high-income countries, are expected to exceed $590bn by 2014,
according to the data released by World Bank.
