HDFC offers remittances via RTGS. Focusing on the NRI Market
Money Control: HDFC Bank (Nyse: HDB) launched a service that allows non-resident Indians (NRIs) to send remittances online through the Reserve Bank of India’s real-time gross settlement system (RTGS). Senior Vice President, Retail Banking, HDFC Bank, Shyamal Saxena said, “Through Quickremit, the bank’s NRI customers will be able to credit funds directly to the beneficiary’s bank account even in other banks, as desired by the remitter.” This facility is available for NRI’s from US, UK and Singapore. The amount will get credited latest on the same day or max to the next day, the process which used to take three days has become much simpler now with this new facility.
HDFC has realized the potential of NRI banking, after being a one of the domestic leader it now wants to focus on this segment for additional revenue. Currently ICICI Bank along with Remit2india.com dominates this sector. Of about $22 billion inward remittances in 05-06 about 2.5 billion were sent through online services and this is a big amount for any bank to pay some extra attention.