Karur Vysya Bank ties up with TimesofMoney for online remittances

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 NRIs.

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 by TimesofMoney will ensure that all NRI customers of Karur Vysya Bank BSE 0.20 % 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."

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