HDFC Bank, India’s largest private bank, and UAE-based financial services firm Lulu Exchange have signed an agreement to enhance cross-border payments between India and the GCC region.
In the first phase, the partnership will leverage Lulu Exchange’s expertise and regulatory framework to launch a digital remittance service called ‘RemitNow2India’, allowing UAE residents to remit money to any bank account in India via IMPS and NEFT via HDFC’s digital services bank channel.
The partnership will also seek to strengthen the existing relationship between the two entities in India, LuLu Financial Group, which operates LuLu Forex and NBFC arm LuLu Finserv in India.
seamless transmission
Arvind Vohra, Head of Retail Branch Banking Group, HDFC Bank said: “Our partnership builds on each other’s strengths. While HDFC Bank has the potential to receive remittances from Lulu Exchange employees, customers and other A trusted name with a large network can be leveraged. As a bank, we can help people in the UAE, especially the Indian diaspora, to send money to the country in a convenient and seamless manner.”
Adeeb Ahamed, MD, LuLu Financial Group, commented: “We are delighted to partner with HDFC Bank and enable our Remittance-as-a-Service platform on their digital banking solution. The UAE-India payments corridor is one of the largest in the world One, the partnership will build on existing capabilities to facilitate remittances for the thousands of Indian expatriates living in the UAE, while laying the groundwork for eventual integration of the service into other countries we are collaborating in the Gulf Parts of the Commission do business.”
HDFC and LuLu Exchange will leverage each other’s goodwill, trust, regulatory expertise and vast service network to expand this partnership through a series of online and offline initiatives. — trade arab news agency