It will enable customers of Emirates NBD to transfer funds to ICICI Bank account holders in India in 60 seconds
Dubai, UAE, April 19, 2015: Emirates NBD, a leading bank in the region, has tied up with ICICI Bank, India's largest private sector bank, enabling customers in the UAE to instantly remit money to India through the DirectRemit service.
The tie up enables customers of Emirates NBD to transfer funds to account holders of ICICI Bank in India within a minute.
Commenting on the tie up, Suvo Sarkar, General Manager - Retail Banking and Wealth Management, Emirates NBD, said, "The DirectRemit platform epitomizes Emirates NBD's commitment to providing customers with banking solutions that simplify their lives. It is amongst our most popular services as it provides customers with an on-the-go, yet safe channel to transfer funds instantly to their home country.
"We are delighted to tie up with ICICI Bank, which has the largest branch network among private sector banks in India with over 3,800 branches in the country, thereby expanding access to the DirectRemit service. With enhancements to existing corridors and the addition of new corridors expected in the near future, we hope to continue to offer the best-in-class service to our customers," added Sarkar.
Vijay Chandok, President, ICICI Bank, said, "We are committed to strengthening the relationship with customers by means of continuous adoption of innovative technology. With an experience of serving more than 1.5 million NRIs (Non Resident Indians) across the globe for over a decade, we have built significant expertise in the field of remittances. DirectRemit facilitates the convenience of sending money to any beneficiary in India within a minute. We are pleased to tie up with Emirates NBD and are confident that it will help us deliver best-in-class service propositions to NRIs across UAE."
Customers can avail of this service through internet banking, mobile banking and ATMs of Emirates NBD. Customers are required to complete a simple registration process to add the ICICI Bank beneficiary.
-Ends-
About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 31st December 2014, total assets were AED 363 billion, (equivalent to USD 98.8). The Group has a leading retail banking franchise in the UAE, with more than 215 branches and over 889 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, Qatar, 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 ICICI Bank
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank with consolidated total assets of US$ 124.76 billion at March 31, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 18 countries, including India.
ICICI Bank is the largest remittance player in the Indian market processing more than 5 million transactions annually. It currently provides remittance services in over 43 countries through different offline and online modes. With over 200 tie ups with banking and non-banking entities, ICICI Bank is one of the preferred money transfer service provider across the world.
Disclaimer:
The product and services mentioned in the press release are provided by Emirates NBD for its customers and is subject to product/service specific terms and conditions of Emirates NBD. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by ICICI Bank. All references to timelines and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. The products and services are also subject to RBI rules/regulations, prevailing foreign exchange regulations & other applicable Laws. The information contained in this document is not intended to nor should it be construed to represent that ICICI Bank provides any products or services in any jurisdiction where it is not licensed or registered or authorized to do so. The information provided herein is not intended nor should it be construed to represent that ICICI Bank Limited is soliciting. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or regulation. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.
Emirates NBD media queries:
Ajith Henry
Communications - Group Marketing, Emirates NBD
Tel: 971-4-3874421
Mob: 971 55 6612391
Email: AjithH@emiratesnbd.com
Tricia Rego
ASDA'A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600;
Fax: 971-4-4358040
Email: tricia.rego@bm.com
ICICI Bank media queries: Email: corporate.communications@icicibank.com
© Press Release 2015
