A recent press report said that Axis Bank, India’s third largest private Bank, has announced its tie up with Bank Albilad, Saudi Arabia, for remitting money from Saudi Arabia to any person in India.
Reports said that Axis Bank has entered into an agreement with Bank Albilad, Saudi Arabia for offering remittance facilities to India. Customers can use this service for money transfers to India from nearly 116 dedicated remittance centres, called Enjaz centres, spread across the Kingdom of Saudi Arabia. Such remittances would be processed seamlessly and disbursed to the intended beneficiaries by Axis Bank within 24 hours, irrespective of whether they hold an account in the bank or not.
Mr. P. Mukherjee, President and Head – Treasury & International Banking at Axis Bank, said that the bank is tying up with more and more overseas banks in order to offer Indians living abroad facilities to remit money to beneficiaries in India from across the globe in a quick, seamless and economical manner.
Reports said that the tie up with Bank Albilad is an important milestone for Axis Bank as this is the first association with a bank in Saudi Arabia. The tie up will open up the Saudi Arabia to India remittance corridor for Axis Bank. The bank offers various products and services in the country and is familiar for its loan products such as Axis home loans, Axis Personal loan, Axis car loan etc.