Bank of India chairman and managing director Alok K Misra said that the ‘NRIs are a strong focus for our bank, and our global reach makes us uniquely positioned to serve them.
"The main concern for all NRIs is to have a fast, secure and cost effective way to send money to India. The product will ensure that the users can now transfer money 24×7 in an affordable and secure manner," Misra said.
TimesofMoney president Avijit Nanda said India is the highest remittance receiving country in the world, estimated at over $58bn.
"TimesofMoney’s proprietary platform, ‘Remittance in a Box’ provides banks with a unique plug-and-play solution to power their online remittance service. This platform offers user interface & design, risk management, technology, operations and customer service," Nanda said.
According to the bank, this online remittance service will offer competitive pricing for all users, both in terms of exchange rates and transaction costs.
The online transfer service will enable consumers to perform money transfers from home or office, said the service provider.
