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19 October, 2018 10:53 IST
SBI ties up with Transfast Remittance LLC for remittance
Source: IRIS | 16 Jan, 2018, 09.53AM
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State Bank of India (SBI) the largest commercial bank in India, announced tie-up with Transfast Remittance LLC, the USA based payment network since 25 years with a network that covers over 6 billion people across 120+ countries-for inward remittance from the USA to India. Transfast enjoys a leadership position in the cross border payments industry and offers competitive pricing, fast transfer of funds and personalized customer engagement to notify transfers and other value added services.

As per World Bank (Q,N,C,F)* data, India has received inward remittance of nearly USD 65 billion in 2017 of which SBI received more than 23%  in terms of value of transactions. 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.

Siddhartha Sengupta, DMD & Group Executive, International Banking, SBI said, ''We are happy to announce this mutually beneficial association with Trans-Fast 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 India's technology platform. It has always been our endeavor to offer value to our customers and effective remittance offering will further cater to the needs of the  large US Indian population.''

Shares of the bank gained Rs 0.5, or 0.17%, to trade at Rs 302.75. The total volume of shares traded was 78,895 at the BSE (9.42 a.m., Tuesday).

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