Emirates NBD partners with State Bank of India for 60-second remittances

Press release
Published November 10th, 2015 - 09:33 GMT

Emirates NBD, a leading bank in the region, today announced that it has expanded its partner bank network in India to include State Bank of India (SBI) for the DirectRemit 60 seconds remittance platform. With this partnership, Emirates NBD’s Non-Resident Indian (NRI) customers who also bank with State Bank of India, can now avail of the fastest remittance service in the UAE more easily.

State Bank of India, a state-owned corporation, is the largest banking and financial services company in India by revenue, assets and market capitalisation and the oldest commercial bank in the Indian subcontinent. The tie-up with SBI will help strengthen Emirates NBD’s DirectRemit platform which is set to benefit a large additional customer base in the UAE.

The partnership with the leading bank in India is in keeping with Emirates NBD’s strategy to provide a complete suite of financial solutions to its customers whilst ensuring enhanced customer convenience. This partnership will allow fund transfers to SBI bank accounts across India in 60 seconds at zero fees. Emirates NBD currently has existing tie-ups with HDFC Bank, ICICI Bank and Axis Bank in India. Emirates NBD customers can also transfer money to other banks in India with their remittance being processed within an hour.

Commenting on the partnership, Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD, said: “We are delighted to join hands with State Bank of India to be able to facilitate fast and easy remittances for our NRI customers. The DirectRemit platform is amongst our most popular services as it provides customers with an on-the-go, quick and free mechanism to transfer funds instantly to their home country. We are confident that our customers will take advantage of this new tie-up to carry out remittances to meet all their ongoing requirements.”

With DirectRemit, customers will not only be able to transfer funds to their family back home instantly, but they can also make home loan payments, pay bills, remit insurance premiums or carry out investments. Customers can avail of the 60 seconds money transfer service via online, mobile banking & ATMs.

Arundhati Bhattacharya, Chairman, SBI said “India is one of the biggest and the fastest growing countries for remittances. SBI has a large customer base in the UAE and this partnership will help all our customers to carry out remittances instantly and conveniently.

“With the pick-up in India’s economic growth, we will see the pace of remittances growing much faster than earlier,” Ms. Bhattacharya added.

Since the introduction of the DirectRemit service to India in 2014, Emirates NBD has expanded this service to cover Philippines and Pakistan with more corridors expected to be launched in the near future.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.

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