Indian private sector lender Yes Bank has joined forces with mobile payments switch TerraPay to facilitate international money transfers to bank accounts in India.
The two parties have struck a Rupee Drawing Arrangement, which will allow Indian migrants to transfer money to bank accounts in real-time through TerraPay’s network partners.
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For bank accounts other than Yes Bank, funds will be disbursed through the immediate payment service named IMPS.
TerraPay founder and CEO Ambar Sur said that India is the largest recipient of remittances across the globe.
“According to World Bank reports, Indian migrants sent USD 62.7 billion in FY 2016-17, which is in fact greater than FDI inflows to India,” Sur stated.
Yes Bank group president and global head of international banking Arun Agrawal said: “We are glad to partner with TerraPay to enable a convenient, cashless remittance option for migrants looking to transfer money to India. This 24×7 service is backed by YES BANK’s state-of-the-art API Banking platform and superior security protocols, and will help boost granular FX inflows into India.”
