Emirates NBD, HDFC launch e-remittance facility
Dubai, May 1, 2010
Emirates NBD, a leading bank in the Middle East region, has joined hands with top Indian bank HDFC to launch a special online remittance facility for its Indian clients.
Indian nationals residing overseas can avail this facility to remit funds directly into their HDFC Bank accounts through Emirates NBD’s online banking service, said a sttaement from the bank.
'The special remittance service offers the added advantage of processing all transactions with the same day value, and the funds credited into the beneficiary’s account with Mumbai-headquartered HDFC Bank, provided the transactions have been requested before 12 noon on working days common to the UAE and India (Monday – Thursday),' it stated.
'For transactions requested post noon, the funds will be credited by the next working day, at the same value,' it added.
Jamal Bin Ghalaita, Group deputy CEO, Emirates NBD said, “Indians not only constitute one of the largest demographic client bases for Emirates NBD, but are also the expatriate community with the largest volume of overseas remittances to their home country.”
“Despite the global financial crisis, overseas remittances to India from migrant workers touched $55 billion in 2009, making the country the world’s top remittance earner. A significant percentage of this amount originates from the GCC states, where nearly 90 per cent of Indian migrant workers are based,” he stated.
“This special online remittance facility will enable direct online remittances into the HDFC Bank accounts of our Indian clients. It is yet another initiative from Emirates NBD to support the overseas Indian community and offer them custom-built solutions to address their banking requirements in a hassle-free environment,” he added.-TradeArabia News Service