The Hindu Business Line : Union Bank launches Web-based remittance scheme for NRIs in US

UNION Bank of India has launched `Union e-Remit,' a Web-based remittance scheme powered by `Times of Money,' for remittance of funds from the US to any location in India.

The service, available on the bank's Web site, www.unionbankofindia.com, enables non-resident Indians in the US to send money directly out of their bank account in the US to any beneficiary in India within four days, said a press release.

The money is either directly credited to the beneficiary's account or a demand draft is hand delivered at the given address in over 1,500 towns across the country. Apart from this, the customers can call a Toll-Free number managed by Times of Money, to track their transactions, the release said.

Times of Money provides the technology, operations and customer service platform for the scheme while the Bank of New York provides the correspondent banking facilities.

Union Bank is in the process of tying up for such Web-based services from other countries from where sizable remittances are received, the release said quoting Mr V. Leeladhar, the bank's Chairman and Managing Director. The global remittance business is a product will enhance the bank's fee-based income, said the release, quoting Mr K. Rathnakar Hegde, Executive Director.

More Stories on : Public Sector Banks | Information Technology

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Forex reserves up $49 million

ICICI Bank in the black under US GAPP

Andhra Bank to finance LPG connections

Cholamandalam MS posts Rs 97-crore premium

Bajaj Allianz gross premium income up 60%

Union Bank launches Web-based remittance scheme for NRIs in US

SBH has new MD

Charminar Bank gets Rs 123 cr