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Bank of India And TimesofMoney Join Hands To Provide Online Money Transfer Service NRIs In UK
MUMBAI: Bank of India, India's premier public sector bank, has signed a service agreement with TimesofMoney to offer remittance solutions to NRIs in UK. This strategic partnership will enable NRIs send remittances in Great Britain Pounds (GBP), seamlessly and securely.
This online remittance service will offer all users competitive pricing, both in terms of exchange rates and transaction costs. Moreover, the customer is assured of convenience as he has no longer, to visit a branch and can execute the online money transfers from the comfort of his home/office.
"
Speaking on occasion, Shri Alok K. Misra, Chairman and Managing Director, Bank of India said that ''NRIs are a strong focus for our bank, and our global reach makes us uniquely positioned to serve
them. We are happy to offer a technology driven service to U.K. based NRIs. The main concern for all NRIs is to have a fast, secure and cost effective way to send money to India. The product will ensure that the users can now transfer money 24x7 in an affordable and secure manner''.
Commenting on the occasion, Avijit Nanda, President - TimesofMoney said "India is the highest remittance receiving country in the world, estimated at over US$ 58 billion. TimesofMoney's proprietary platform, 'Remittance in a Box' provides banks with a unique plug-and-play solution to power their online remittance service. This platform offers user interface & design, risk management, technology, operations and customer service. This alliance with Bank of India gives us a great sense of pride and we look forward to growing this relationship."
Bank of India has an overseas presence of over 65 years. It has offices in 19 foreign centres spread over 5 continents, where its services are extended through 49 outlets, including 7 in UK. Almost 25% of the Bank's business is contributed by its foreign offices. TimesofMoney is India's leading digital payment service provider and serves a varied client base. Spanning Indian and international clients, its offerings include specializedNRI services, Money Transfers, and e-Payments.
MUMBAI: Bank of India, India's premier public sector bank, has signed a service agreement with TimesofMoney to offer remittance solutions to NRIs in UK. This strategic partnership will enable NRIs send remittances in Great Britain Pounds (GBP), seamlessly and securely.
This online remittance service will offer all users competitive pricing, both in terms of exchange rates and transaction costs. Moreover, the customer is assured of convenience as he has no longer, to visit a branch and can execute the online money transfers from the comfort of his home/office.
"
Speaking on occasion, Shri Alok K. Misra, Chairman and Managing Director, Bank of India said that ''NRIs are a strong focus for our bank, and our global reach makes us uniquely positioned to serve
them. We are happy to offer a technology driven service to U.K. based NRIs. The main concern for all NRIs is to have a fast, secure and cost effective way to send money to India. The product will ensure that the users can now transfer money 24x7 in an affordable and secure manner''.
Commenting on the occasion, Avijit Nanda, President - TimesofMoney said "India is the highest remittance receiving country in the world, estimated at over US$ 58 billion. TimesofMoney's proprietary platform, 'Remittance in a Box' provides banks with a unique plug-and-play solution to power their online remittance service. This platform offers user interface & design, risk management, technology, operations and customer service. This alliance with Bank of India gives us a great sense of pride and we look forward to growing this relationship."
Bank of India has an overseas presence of over 65 years. It has offices in 19 foreign centres spread over 5 continents, where its services are extended through 49 outlets, including 7 in UK. Almost 25% of the Bank's business is contributed by its foreign offices. TimesofMoney is India's leading digital payment service provider and serves a varied client base. Spanning Indian and international clients, its offerings include specializedNRI services, Money Transfers, and e-Payments.
With the introduction of the Foreign Exchange Management Act, 1999, (FEMA) with effect from June 1, 2000, the objective of the Foreign Exchange Department (earlier known as Exchange Control Department) of Reserve Bank of India has shifted from conservation of foreign exchange to “facilitating external trade and payment and promoting the orderly development and maintenance of foreign exchange market in India”.

The new Act has brought about structural changes in the exchange control administration. Regulations have been framed fro dealing with various types of transactions. These regulations are transparent and have eliminated case-by-case approvals.

The Department ensures timely realization of expert proceeds and reviews, on a continuous basis, the existing rules in the light of suggestions received from various trade bodies and exporters’ forum.

The Department collects data relating to forex transactions from authorized dealers on a daily basis for exchange rate management and on a fortnightly basis for monthly quick estimates of balance of payments and quarterly balance of payments compilation.

The Department lays down policy guidelines for risk management relating to forex transactions in banks.

The Department is also entrusted with the responsibility of licencing banks/ money changers to deal in foreign exchange and inspecting them.

There is a “Standing Consultative Committee on Exchange Control” consisting of representatives from various trade bodies and authorized dealers which meets twice a year and makes recommendations for policy formulation.

With a view of further improving facilities available to NRIs and removing irritants, the Department is also engaged, on an ongoing basis, in reviewing and simplifying the procedures and rules.

NRIs should approach the respective Regional Offices of Foreign Exchange Department of Reserve Bank of India as shown hereunder:
RBI Office
Jurisdiction
Postal Address
Ahmedabad
State of Gujarat and UnionTerritory of Daman and Diu
The General Manager,
Foreign Exchange Department, Reserve Bank of India, P.B. No.1, Navjivan Post Office, Ashram Road, Near Gandhi Bridge, Ashram Road, Ahmedabad – 380 014.
Bangalore
State of Karnataka
The Deputy General Manager,
Foreign Exchange Department, Reserve Bank of India, 10-3-8, Nrupathunga Road, P.B. No. 6768, Bangalore- 560 001.
Bhopal
State of Madhya Pradesh and State of Chhatisgarh
The Deputy General Manager,
Foreign Exchange Department, Reserve Bank of India, M.P.State Co-Opposite Party. BankBuilding, Malaviya Nagar, P.B. No.312, Bhopal – 462 003.
Bhubaneswar
State of Orissa
The Assistant General Manager, Foreign Exchange Department, Reserve Bank of India,, New Office Building, Unit III, Sachivalaya Marg, P.B. No.111, Bhubneswar – 751 001.
Chandigarh
States of Haryana (excluding the districts of Faridabad, Gurgaon and Sonepat), Himachal Pradesh and Punjab and Union Territory of Chandigarh.
The Deputy General Manager,
Foreign Exchange Department, Reserve Bank of India, Mann Building, SCO 17-18-19, Sector 17-B, Post Bag No.2, Chandigarh – 160 017.
Chennai
State of Tamil Nadu and UnionTerritory of Pondicherry.
The General Manager,
Foreign Exchange Department, Reserve Bank of India, Fort Glacis, Rajaji Road, P.B. No.2504, Chennai – 600 001.
Guwahati
States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura.
The Deputy General Manager,
Foreign Exchange Department, Reserve Bank of India, Station Road, Pan Bazaar, P.B. No.120, Guwahati – 781 001.
Hyderabad
State of Andhra Pradesh
The General Manager,
Foreign Exchange Department, Reserve Bank of India,, 6-1-56, Secretariat Road, Saifabad, P.B. No.1, Hyderabad – 500 004.
Jaipur
State of Rajasthan
The General Manager,
Foreign Exchange Department, Reserve Bank of India, Rambagh Circle, Tonk Road, P.B. No.12, Jaipur – 302 004.
Kanpur
State of Uttar Pradesh excluding New Okhla Industrial Development Area (NOIDA) in Ghaizabad district and State of Uttarakhand
The General Manager,
Foreign Exchange Department, Reserve Bank of India, M.G. Road, P.B. No.82, Kanpur- 208 001.
Kochi
State of Kerala and UnionTerritory of Lakshadweep
The General Manager,
Foreign Exchange Department, Reserve Bank of India, Ernakulam North, Kochi- 682 018.
Kolkata
States of Sikkim and West Bengal and Union Territory of Andaman and Nicobar Islands.
The General Manager,
Foreign Exchange Department, Reserve Bank of India, 15, Netaji Subhas Road, P.B. No.2026, Kolkata – 700 001.
Mumbai
State of Maharashtra, UnionTerritory of Dadra & Nagar Haveli.
The General Manager,
Foreign Exchange Department, Reserve Bank of India, C-7, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051.
New Delhi
State of Delhi, the districts of Faridabad, Gurgaon and Sonepat of State of Haryana and New Okhla Industrial Development Area (NOIDA) in Ghaziabad district of State of Uttar Pradesh.
The General Manager,
Foreign Exchange Department, Reserve Bank of India,, 6, Parliament Street, P.B. No.696, New Delhi – 110 001.
Panaji
State of Goa
The Deputy General Manager,
Foreign Exchange Department, Reserve Bank of India,, 3A-3B, SesaPlattoPlaza, Panaji – 403 001.
Patna
State of Bihar and State of Jharkhand
The Deputy General Manager,
Foreign Exchange Department, Reserve Bank of India, South of Gandhi Maidan, Post Bag No.162, Patna – 800 001.
Srinagar/ Jammu
State of Jammu and Kashmir
The Deputy General Manager,
Foreign Exchange Department, Reserve Bank of India, Amir Manzil, IC Rajbagh, Srinagar – 190 008.
NOTE 1:
Nagpur Office of Reserve Bank deal with applications from persons, firms and companies resident in the districts of Akola, Amravati, Bhandara, Buldhana, Chandrapur, Gadchiroli, Nagpur, Wardha and Yeotmal of the State of Maharashtra, for travel and sundry remittances outlines in Chapter 2 which are beyond the powers delegated to authorized dealers.
NOTE 2:
Reference to Reserve Bank should be made to the office of Foreign Exchange Department within whose jurisdiction the applicant person, firm or company resides or functions unless otherwise indicated. If for any particular reason, a firm or a company desires to deal with a different office of Foreign Exchange Department it may approach the office within whose jurisdiction it functions for necessary approval.
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List of Money Transfer Agents – List of Indian Agents

S.No.
Name and Address of the Entity
Category
Name/s of the Overseas Principal/s
1.
State Bank of India
The Chief General Manager, State Bank of Inida, Personal Banking Business Unit, Liabilities/ Investment Products – Mass Affluent, National Banking Group, State Bank Bhavan, 6th Floor, Nariman Point, Madame Cama Road, Mumbai- 400 021.
Authorized Dealer – Cat.I
Western Union Financial Services Inc., USA.
2.
Andhra Bank
The General Manager, Andhra Bank, Marketing Department, Head Office, Dr. Pattabhi Bhavan,, 5-9-11, Saifabad, Hyderabad- 500 004.
Authorized Dealer – Cat.I
Western Union Financial Services Inc., USA.
3.
The Karnataka Bank Limited
The Assistant General Manager, The Karnataka Bank Limited, Internatinal Division, 107-109, Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai-400 021.
Authorized Dealer – Cat.I
Western Union Financial Services Inc., USA.
4.
HDFC Bank Ltd.
The Head – Liabilities & Payment Products Group, HDFC Bank Limited, Retail Liabilities & Payment Products Group, Modern Centre, C Wing, Ground Floor, Sane Guruji Marg, Mahalaxmi (East), Mumbai-400 011.
Authorized Dealer – Cat.I
Western Union Financial Services Inc., USA.
5.
Department of Posts
The Deputy Director, Ministry of Communication & Information Technology, Department of Posts, Government of India, Financial Services Division, Room No.325, Dak Bhavan, Parliament Street, New Delhi-110 001.
Authorized Dealer – Cat.II
Western Union Financial Services Inc., USA & Money Gram Payment Systems Inc., USA.
6.
Reliance Money Express Limited
The Managing Director, Reliance Money Express Limited, 11th Floor, R-Tech, IT Park, Western Express Highway, Goregaon (East), Mumbai-400 063.
Full Fledged Money Changer
Western Union Financial Services Inc., USA.
7.
Transcorp International Ltd.
The Managing Director, Transcrop International Ltd., Plot No.3, HAF Pocket, Sector 18A, Dwarka Phase-II, New Delhi-110 075.
Full Fledged Money Changer
Western Union Financial Services Inc., USA.
8.
Weizmann Forex Ltd.
The Managing Director,
Weizmann Forex Ltd., Empire House, 214, Dr. D.N. Road, Ent. A.K. Nayak Marg, Fort, Mumbai- 400 001.
Authorized Dealer – Cat.II
Western Union Financial Services Inc., USA.
9.
Paul Merchants Ltd.
The Managing Director,
Paul Marketing Ltd., SCO 829-830, Sector 22-A, Chandigarh-160 022.
Authorized Dealer – Cat.II
Western Union Financial Services Inc., USA.
10.
Muthoot Fincorp Limited
Muthoot Centre, Punnen Road, Thiruvananthapuram-695 034.
Authorized Dealer – Cat.II
Western Union Financial Services Inc., USA.
11.
R.R. Sen & Bros. (P.) Limited
11D, Kabitirtha Sarani, Kolkata- 700 023.
Authorized Dealer – Cat.II
Western Union Financial Services Inc., USA.
12.
Centrum Direct Limited
Centrum House, 5445-A, CST Road,, Vidya Nagari Marg, Kalina, Santa Cruz (East), Mumbai-400 098.
Authorized Dealer – Cat.II
Western Union Financial Services Inc., USA.
13.
Wall Street Finance Ltd.
The Managing Director, Unit No.101/112, 1st Floor, Chintamani Plaza, Andheri-Kurla Road, Chakala, Andheri (E), Mumbai-400 099.
Authorized Dealer – Cat.II
Western Union Financial Services Inc., USA & Wall Street Exchange Centre LLC, UAE.
14.
The Catholic Syrian Bank Ltd.
The Assistant General Manager, The Catholic Syrian Bank Ltd., Planning and Marketing Department, Head Office, P.B. No.502, St. Mary’s College Road, Thrissur-680 020.
Authorized Dealer Cat.-I
Money Gram Payment Systems Inc., USA.
15.
Thomas Cook India Ltd.
The Managing Director, Thomas Cook India Pvt. Ltd., Thomas Cook Building, Dr. D.N. Road, Mumbai-400 001.
Authorized Dealer Cat.-II
Money Gram Payment Systems Inc., USA.
16.
Mehra Forex Pvt. Ltd.
The Managing Director,
Mehra Forex Pvt. Ltd.,
MehraHotelBuilding,
Opp. Railway Station,
G.T. Road, Amritsar-143 001.
Punjab.
Full Fledged Money Changer
Money Gram Payment Systems Inc., USA.
17.
Supreme Securities Ltd.
The Managing Director,
Supreme Securities Ltd.,
3rd Floor, R.D. Chambers,
16/11, Arya Samaj Road,
Karol Bagh, New Delhi-110 005.
Full Fledged Money Changer
Money Gram Payment Systems Inc., USA.
18.
Trade Wings Ltd.
The Managing Director,
Trade Wing Ltd.,
Plot No.171/173, Road No.28-B, Sion (East), Mumbai-400 022.
Full Fledged Money Changer
Money Gram Payment Systems Inc., USA.
19.
UAE Exchange & Financial Services Ltd.
The Managing Director, UAE Exchange & Financial Services Ltd., P.O. Box No.1176, 3rd Floor, Airlines Building, Opposite Maharajas College Ground, M.G. Road, Kochi-682 011.
Authorized Dealer Cat.II
Money Gram Payment Systems Inc., USA & UAE Exchange Centre LLC, UAE.
20.
IndusInd Bank Limited
The Assistant Vice President & Head International Business & Correspondent Banking,
IndusInd Bank Limited, International Division, IndusInd House, 4th Floor,
425, Dr. D.B. Marg, Mumbai-400 014.
Authorized Dealer Cat.-I
Money Gram Payment Systems Inc., USA.
21.
Punjab National Bank
The Chief Manager,
Punjab National Bank,
International Banking Division,
Head Office, 7, Bhikaji Cama Place, New Delhi-110 066.
Authorized Dealer Cat.-I
Buy. Indiaonline.Com, USA.
22.
BFC Forex & Financial Services Pvt. Ltd.
The Managing Director,
BFC Forex & Financial Services Pvt. Ltd., Shop No.1 & 2, Ground Floor, Rathore House, Opp. Apple Heritage, Andheri-Kurla Road, Andheri (E), Mumbai-400 093.

Full Fledged Money Changer
Bahrain Financing Company, Bahrain.
23.
Instant Global Money Transfer Pvt. Ltd.
The Managing Director, Instant Global Money Transfer Pvt. Ltd., Kanak Mandi, Ghargi Gate, Hosiarpur, Punjab-146 001.

Full Fledged Money Changer
Global Foreign Exchange, Canada.
24.
Trust Travel Pvt. Ltd.
The Managing Director, Trust Travel Pvt. Ltd., Foreign Exchange Division, 7, Botawala Chamber, Ground Floor, Sir P.M. Road, Fort, Mumbai-400 001.

Full Fledged Money Changer
Royal Exchange Inc., USA.
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To cash in on the rising remittance flow into the country from its soil, the Bahrain Financing Company (BFC) Forex, a part of the BFC Group Holdings, has launched its remittance services in city.
With around USD 60 billion inflows last fiscal, India is the world's top destination for remittances. And a 7.5 million Gulf diaspora is a major contributor to this influx.
"
Of the nearly 5,17,000 expatriates in Bahrain, 2,90,000 are Indians, and as much as 65 per cent of them are Keralites, followed by Telugus, Tamils, Kannadigas, Maharashtrinas, Goans and Punjabis.
BFC Forex has a fully fledged money changer (FFMC) licence from the RBI, and will have seven forex branches in the country with Mumbai as the headquarters.
BFC is a leading money transfer and foreign exchange company in the Sultanate, and has been in operation in the GCC since 1917. It has network of over 50 strategically located branches throughout the Gulf and 10 branches in Britain.
MUMBAI: Karur Vysya Bank, a private sector bank with over 95 years of banking tradition in India, announced a tie-up with TimesofMoney, for an online remittance solution for Non Resident Indians (NRIs). This service provided byTimesofMoney will ensure that all NRI customers of Karur Vysya Bank get a transaction platform along with better pricing, safety and speedy money transfers.
"
Commenting on the occasion, V. Bhaskar, General Manager, International Banking Group, Karur Vysya Bank said, "With our NRI portfolio growing at a rapid pace, we already have in place a robust online transfer arrangement with TimesofMoney for the US dollar. This is being expanded now to cover more countries, especially all European countries and currencies, so that our NRI customers, as also non-customers can remit funds home in a fast, secure and hassle-free environment. With this tie-up in place, we also expect our NRI inflows to grow at a faster pace".
Commenting on the tie-up, Avijit Nanda, President - TimesofMoney said "India is the top remittance receiver in the world, with a robust US$ 64 billion in 2011 (as per a World Bank Report), a growth of 16% over last year. Online remittances, increasingly being preferred by consumers is growing at an incredible rate of approx. 20% CAGR. We at TimesofMoney ensure that we satisfy the needs of Indians abroad with a superior & user-friendly service. Karur Vysya Bank with its strategic focus on new services, combined with our proven expertise in managing online remittances, gives the customer an excellent platform to send money home to his family."
The IMPS—interbank mobile payment service—allows a person to electronically transfer money to another party using his mobile phone. In order to do so, both the remitter and the beneficiary's bank must be registered with the National Payments Corporation of India (NPCI).
The remitter needs to register himself with his bank for mobile banking services by filling up a registration form. The remitter's mobile number, through which the facility will be used, has to be registered with the bank.
MMID: On successful registration, a unique seven-digit mobile money identifier (MMID) is allotted against each account held by the holder. An MPIN is a PIN allotted for authenticating the mobile transactions.
Mobile app: The remitter needs to download the mobile banking app from his bank's website on a phone compatible for using such an application. Alternatively, one can transfer funds using IMPS by using a mobile phone's SMS facility, if the bank offers such a service.
Money transfer: To transfer funds, the remitter needs to log in to the mobile application and enter the beneficiary mobile number, beneficiary MMID, amount to be transferred, and MPIN in the application. Once the details are authenticated, the remitter receives a confirmation SMS for the debit. If the remitter chooses to use the SMS mode, he needs to send a text message to a designated mobile number in a manner specified by the bank.
Points to note
> The maximum limit for transfer on a single day per customer is Rs 50,000.
> The transaction reference number received on confirmation of the transfer can be used as a reference for queries.
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