Reportedly, the total size of the remittance market from the US to India stands at $15bn a year. Against this backdrop, the bank intends to focus on NRI banking segment. The online service will enable all, not just Dhanlaxmi Bank customers, to transfer funds online from the US to India.
In a statement, the bank said: “Riding on NEFT/RTGS, the platform, can credit funds to a bank account of a beneficiary anywhere in India, would enhance the convenience of the customers by providing a 24×7 secure and easy way to remit funds to India.”
Rajesh Rajah, head of NRI business at Dhanalakshmi Bank, said: “The facility capitalises on the bank’s physical presence and technology advancement for the benefit of our customers. We will be introducing many such innovative products and services in future, offered directly by the bank or through third party tie-ups like this.”
