KOCHI: Kerala-based Federal Bank and Visa today announced the launch of a new solution that will allow Federal bank Visa Debit cardholders to receive international remittances almost instantly.
Federal Bank is the first bank in India to activate this solution with Visa.
The solution will allow recipients to receive funds in near real time, giving them money in minutes, quickly and securely. It is more convenient than other alternatives as recipients no longer have to visit an agent location to collect cash.
Instead, funds are deposited directly to cardholders' Visa cards, which can then be used to make purchases at all local merchant outlets which accept Visa cards,a bank release said.
The payment solution is a result of a major enhancement to the Visa network that enables Visa card accounts to receive funds in near real-time and is expected to prompt a new generation of personal payment services on Visa cards- including mobile and cross-border remittances, electronic bill pay and prepaid reloads.
"We are confident our large number of NRE customers and Visa cardholders will enjoy the convenience it offers. We are continuously looking at enhancing our cardholders' experience with us through innovation and technological advancements," Shyam Srinivasan, Managing Director & CEO, Federal Bank said.
"The new service is truly a milestone for Visa and is another example of Visa's constant drive to bring world leading innovations to account holders and bank clients,"Uttam Nayak,Group Country Manager, India and South Asia, Visa said.
The Bank's Indian customers will be able to receive near real time remittances sent from UAE Exchange. The launch with Federal Bank is part of a growing momentum for Visa's latest solution globally and follows a string of recent launches announced Philippines, UAE, US, Russia and Ukraine.
NEW DELHI: UAE Exchange, a leading global provider of remittance and foreign exchange services, is planning to launch multi-currency prepaid travel card services in India.
Dubai-based UAE Exchange has launched a new offering 'gocash' -- the Middle East's first multi-currency prepaid travel card -- and expects to launch similar prepaid products in other markets such as India, a top executive said.
The new product was launched in partnership with MasterCard in Dubai and allows the customers to load up to six currencies out of a bouquet of 15. The card can be used across 34.3 million MasterCard-enabled merchant locations and 1.5 million bank ATMs across the globe, apart from for online purchase, UAE Exchange said in a statement.
"We are expecting to provide similar offerings to our customers in other markets such as India," UAE Exchange's Chief Operating Officer (Global Operations) Y Sudhir Kumar Shetty said.
UAE Exchange has operations in 30 countries with more than 650 branches, making it the largest globally networked remittance brand in the world. It also has correspondent banking relationship with more than 150 global banks.
DUBAI: At least 75 per cent of UAE-based NRIs expect to be cared for in old age by their children, leading to critical gaps in financial and retirement planning among them, a study has claimed.
"Only one in ten (10 per cent) people have invested in retirement plans for their golden years," said the Standard Life NRI Wealth Study, with "family expectations" playing a huge role in this decision.
"75 per cent of respondents expected to be cared for in retirement by their children," it added.
This study by the investment company here also lists aversion to risk and lack of professional advice as factors holding back sound retirement planning among the research group.
The results of the study are based on a research of the saving, spending, investment behaviour and general aspirations of nearly 300 NRIs across the UAE.
"NRIs are seen to be a family oriented community who rely much on their children and family for their retirement years. This is simply amazing from a family bonding perspective, but it is always advisable to take professional financial advice when it comes to retirement planning," said Chris Divito, CEO, Standard Life International Limited (DIFC Branch).
"With 75 per cent of respondents having three to five financial dependants, there is greater strain of finances and therefore a prudent approach to financial and retirement planning is highly recommended," he added.
While as many as 90 per cent of the respondents have made long term investments in the past, most of their preferences were towards relatively illiquid assets like gold/diamonds (77 per cent) and property (55 per cent).
The interest in asset classes like mutual funds (19 per cent) and equities (15 per cent) was rather low, the study found.
Despite a positive feeling among 63 per cent respondents about the National Pension Scheme (NPS) of the Indian government, most of them have not subscribed to it.
"25 per cent are of the opinion that NPS will not provide sufficient income for their retirement years," it added.
Also, a quarter of these NRIs plan to return to India after retirement.
"26 per cent of respondents said they hope to return to India after retirement, while 24 per cent would retire in a third country," Standard Life said in a statement.
KOCHI: An enrolment centre for the 'Mahatma Gandhi Pravasi Suraksha Yojana', a pension and insurance scheme launched in May for overseas Indians, was opened here today.
Designed for Overseas Indian workers in 'Emigration Check Required (ECR)' countries, the scheme aims to encourage and enable the workers by providing co-contribution to their voluntary savings for old age pension, save for their return and resettlement and obtain free of cost life insurance cover.
Speaking on the occasion, Union Minister for Overseas Indian Affairs Vayalar Ravi said the Ministry will co-contribute under the yojana for a five year period or till the return of workers to India, whichever is earlier.
The workers would get a minimum of Rs 33,000 on their return, he said.
Similarly, the facility is being opened today at the office of Protector of Emigrants (PoE) in Thiruvananthapuram.
To further make it convenient for workers, enrolment booths are being opened in two branch offices of Bank of Baroda in Kochi and Thiruvananthapuram.
To enable Indian workers in the ECR countries to join the scheme, the Ministry is shortly going to start similar 'Pravasi Suraksha Yojana' enrolment centres in the ECR countries, starting with the United Arab Emirates.
A co-contribution of Rs 1,000 per annum for its subscribers who save between Rs 1,000 and Rs 12,000 per year in NPS-Lite for their old age pension and Free life insurance coverage while working outside are among contributions under the scheme, said A K Tiwari, Joint Secretary in the ministry.