IndusInd Bank has entered into a collaboration with Viamericas Corporation to offer non-resident Indians (NRIs) in the US digital inward remittance services on the ‘Indus Fast Remit’ platform. The service will offer competitive exchange rates on remittances to India.
NRIs can initiate remittance transactions using the auto debit payment mode (automated clearing house - ACH) through their overseas bank accounts on the Fast Remit platform. Viamericas Corporation will leverage its existing Vostro relationship with IndusInd Bank to credit beneficiary accounts in India, utilising the RBI’s RDA scheme. The digital remittance platform assures customers transparency of payment status, the exact INR amount to be received by the beneficiary, and the expected delivery time.
Soumitra Sen, Head of Consumer Banking and Marketing, IndusInd Bank, said, “We believe this initiative will offer a much simpler and more efficient remittance experience to NRIs..”
However, the shares were down by 0.24 per cent to Rs 1434 at 12.17 pm on the BSE.