The State Bank of India (SBI) said it has tied up with US-based Transfast Remittance LLC to help NRIs in remitting their funds to their bank accounts in India.
Siddhartha Sengupta, DMD & Group Executive – International Banking, SBI, said, “We are happy to announce this mutually beneficial association with Transfast Remittance LLC. Now the Indian diaspora in the United States will be able to conveniently send funds directly into their account across various banks in India in the shortest possible time using SBI’s technology platform.”
With the tie-up, US-based NRIs will be able to remit their funds to their bank account with any bank in India using the SBI’s network.
Transfast is a network that covers over 6 billion people across 120+ countries – for inward remittance from the US to India.
As per World Bank data, India has received inward remittance of nearly $65 billion in 2017, of which SBI received more than 23% in terms of value of transactions.
SBI said, “This tie-up with Transfast will further boost the market share of SBI in the retail inward remittance business.”
“SBI aims to achieve a sharp growth of about 50% through inward remittance with this tie-up. The remittance facility would be available to the NRIs in USA by middle of Feb 2018,” it added.