A recent press report said that South Indian Bank has signed a service agreement with TimesofMoney, India’s leading e-payments service provider to offer remittance solutions to NRIs in selected countries. The tie up will help the NRIs to remit funds online to any bank in India under the NEFT/RTGS network.
Dr. V.A. Joseph MD & CEO, South Indian Bank said that the bank has tie up with TimesofMoney to provide NRIs a secure, efficient and cost effective way to send money.
Mr. Avijit Nanda, President, TimesofMoney told the press that they were happy to tie up with South Indian Bank which is one of the prominent banks in South India. He said that according to a World Bank report 2010, India has been ranked as the top remittance receiver in the world estimated at US$ 55 billion per annum.
He added saying that the remittance through the online channel is increasing at a high speed and that they are planning to offer a superior user experience to NRIs by helping them send money in a safe and simple manner.
The bank has promised to offer a safe and convenient money transfer experience and there is a minimum and maximum limit for money transfers. The South Indian bank is in the retail loan segment with products like Home Loan, Educational Loan, Gold loan etc.