Financial Daily from THE HINDU group of publications
Monday, Jan 10, 2005
Financial Daily from THE HINDU group of publications Monday, Jan 10, 2005 |
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Money & Banking
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Private Banks Industry & Economy - NRIs UTI Bank `Remittance Card' Our Bureau
MUMBAI: UTI Bank has launched `Remittance Card' in association with Remit2India, a Web site offering money-transfer services. The card is designed to provide convenience and safety to Indians who receive remittances from their family members overseas, said a press release. The card works like a debit card where the sender simply books a remittance at www.remit2india.com. The recipient in India receives the remittance at his or her home through the card and activates it by visiting the nearest UTI Bank branch. The recipient can use the card to make purchases at any merchant location where Visa cards are accepted or withdraw funds at any of the 15,000 ATMs across the country. For subsequent remittances, the card is instantly reloaded when the sender remits the money. The transfer is fast since it is done online and received instantly, and is also safer. The card may be cancelled and replaced if it is lost or stolen.
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