Customers of Fino Payments Bank are authorized by the Reserve Bank of India (RBI) to provide international money transfer services, so they can receive money from abroad.
Fino Bank has been approved by the RBI to launch an international money transfer business under the Money Transfer Service Scheme (MTSS) announced on Monday.
Lenders work with foreign clients to carry out cross-border remittance activities within the country. The details are currently under consideration. According to
Fino Bank, Fino Bank’s customer segment in the middle of the pyramid is aimed at the families of many people working abroad.
“Continuous product innovation is one of the pillars of our model. International remittances further improve transaction-based product offerings.
“By the first quarter of 2011, we are ready to provide wire transfer services to our customers. We will use this product in our mobile applications in line with our digital strategy to improve the customer experience,” said Fino Payments Bank’s chief executive. The person in charge (COO) said. Ashish Ahuja said.
Fino dealers offer services such as opening new accounts, cash deposits, remittances, cash withdrawals via microATM or AEPS mechanisms, and collect cash on behalf of various institutional customers.
As a new service, international money transfers will help increase the profits of merchants and banks, strengthening Fino’s strong distribution network.
Ahuja said that states such as Gujarat, Punjab, Kerala, Uttar Pradesh and Bihar have large corridors for internal remittances.
We are already expanding our dealer presence in all of these regions. Therefore, we are confident that new offers will soon gain momentum.
“As a result of this initiative, we expect more subscription-based savings accounts as customers prefer to deposit the money transferred to Fino’s bank accounts themselves,” he added.
Settlement Bank said it is open to partnering with major remittance providers (MTOs) to broaden its horizons in the future. Bank said it plans to start sending money abroad soon. Fino Bank’s network of more than Rs 80,000 merchants nationwide said it will provide convenient access to domestic and cross-border transfers from 30 September 2021.
Fino quoted a recent World Bank report stating that India will be the world’s largest remittance destination estimated at $ 87 billion in 2021. According to the
World Bank, this is expected to increase by 3% in 2022 to US $ 89.6 billion. This is because, according to the World Bank, many workers are expected to return to the Gulf countries.
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