New Delhi: IndusInd Bank has tied up with National Payments Corporation of India (NPCI) to offer real time cross border remittances to India using UPI ID for its Money Transfer Operator (MTO) partners, the bank said in a statement on Monday. Is.
Under this arrangement, Money Transfer Operators (MTOs) will use the IndusInd Bank channel to connect with the National Payments Corporation of India (NPCI)’s UPI payment systems and for cross-border payment settlement in the beneficiary’s accounts.
The deal will facilitate IndusInd Bank’s partners to transfer money from Non-Resident Indians (NRIs) and People of Indian Origin (PIOs) residing across the globe to their Non-Resident Outsiders (NREs) and Non-Resident Ordinary (NROs). ) accounts as well as their families and relatives in India.
IndusInd Bank has started with Thailand for Foreign Inward Remittance (FIR) through UPI.
The private lender plans to add more partners in various other countries for cross-border payments through UPI in the near future.
The bank’s standalone net profit jumped 72 per cent to Rs 1,113.53 crore, registering a growth of 8.6 per cent in total income from Rs 9,487.56 crore in Q2 FY21 to Rs 9,487.56 crore in Q2 FY22.
IndusInd Bank shares closed 2.44 per cent lower at Rs 839.70 on BSE during intra-day trade. IndusInd Bank caters to both consumer and corporate customers.
Soumitra Sen, Head – Consumer Banking & Marketing, IndusInd Bank said, “At IndusInd Bank, it has been our constant endeavor to bring forth path-breaking propositions that provide a seamless banking experience to the customers. Keeping this vision in mind, We are proud to partner with NPCI to launch the country’s first UPI-based cross-border remittance facility, which enables NRIs to transfer money to a beneficiary in India using their UPI ID through our partner exchange houses, banks and funds. Enables sending transfer operators.”
Praveena Rai, Chief Operating Officer, NPCI hoped that this initiative will provide a simpler and more efficient dispatch experience for international travelers using UPI.
“We are confident that our collaboration will act as one of the major contributing factors towards the development of cross-border payments through UPI,” he added.
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