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Partnership with India's leading bank will help customers to make quick and easy remittances
Dubai: 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.
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About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 30th September 2015, total assets were AED 390.4 Billion, (equivalent to approx. USD 106 Billion). The Group has a leading retail banking franchise in the UAE, with more than 220 branches and over 900 ATMs and CDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, the United Kingdom and representative offices in India, China and Indonesia.
The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
About State Bank of India
State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Company provides Domestic Operations, International Operations and Treasury Operations. SBI group consists of SBI and five associate banks. The group has an extensive network, with over 22000 plus branches in India and over 190 offices in 36 other countries across the world. As of 31st March 2015, the group had assets worth USD 432 billion and capital & reserves in excess of USD 25 billion. The SBI has over 1/5th market share of the Indian banking sector. SBI's non- banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include investment banking, life insurance, general insurance, mutual funds, credit cards, factoring services, security trading, etc. making the SBI Group a truly large financial supermarket and India's financial icon. The bank has over 16,000 domestic branches, 200 foreign branches and over 54,000 pan-India ATMs.
For further information, please contact:
Ibrahim Sowaidan
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com
Hiba Moussa
ASDA'A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: hiba.moussa@bm.com
© Press Release 2015
