Guwahati: Considered one of India’s largest non-public sector banks – HDFC Financial institution, and UAE-based monetary providers firm – Lulu Trade, have signed an settlement to strengthen cross-border funds between India and Gulf Cooperation Council (GCC) area.
In its first part, the partnership will draw on Lulu Trade’s experience and regulatory framework to launch a digital inward remittance service titled ‘RemitNow2India’ that may enable resident people of UAE to ship cash to any checking account in India through IMPS and NEFT via HDFC Financial institution’s digital banking channels.
Additionally Learn: HDFC Financial institution to host India’s largest blood donation drive on December 9
The partnership may even look to strengthen the prevailing relationship between the 2 entities in India, the place LuLu Monetary Group operates LuLu Foreign exchange and the NBFC division LuLu Finserv.
Talking on the partnership, Arvind Vohra, Group Head – Retail Department Banking, at HDFC Financial institution stated, “Our partnership builds on one another’s strengths. Whereas HDFC Financial institution doubtlessly positive aspects entry to remittances from Lulu Trade’s staff, prospects and different stakeholders, Lulu Trade can capitalise on a trusted identify with an enormous community. As a financial institution, we may also help the folks in UAE notably the Indian diaspora to ship cash conveniently and in a seamless method into the nation.”
Additionally Learn: RBI asks Indian banks for particulars of publicity to Adani Group Corporations: Report
Adeeb Ahamed, MD, LuLu Monetary Group, commented, “We’re delighted to companion with HDFC Financial institution and allow our remittance-as-a-service platform on their digital banking options. The UAE-India funds hall is without doubt one of the largest on the planet, and this partnership will construct upon current capabilities to ease cash switch for hundreds of Indian ex-pats dwelling within the UAE whereas setting the inspiration for the eventual integration of this service in different components of GCC the place now we have a presence.”
Each HDFC Financial institution and LuLu Trade will leverage one another’s goodwill, belief, regulatory tech, and huge service community to increase this partnership via a collection of on-line and offline initiatives.
