Dhanalakshmi Bank Ties Up With Bank of New York For Online Remittance
Date : January 20, 2010
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Private sector Dhanlaxmi Bank has partnered with Bank of New York to facilitate online remittance services from the US to
India. Established in 1927 - Thrissur, Kerala based Dhanalakshmi Bank is one of the oldest banking institutions in India.
Eying the $15 Billion remittance market from USA to India - Dhanalaxmi intends to focus on lucrative NRI banking segment. It has partnered with the Bank of New York, one of the largest correspondent banks in the world, to facilitate online remittance services from the U.S. to India. World remittance market is estimated to be $230 billion with India receiving largest amount of remittances in the world (nearly 10%).
Riding on NEFT/RTGS, the platform that can credit funds to a bank account of a beneficiary anywhere in India, the bank said, "it would enhance the convenience of the customers by providing a 24x7 secure and easy way to remit funds to India."
The online service will enable all, not just Dhanlaxmi Bank customers, to transfer funds online from the US to India. This may open up a whole new area of b2b payment window, enabling small businesses from India and US to avoid costly L/C and bank charges.