HDFC Bank, Lulu Exchange to facilitate cross-border payments between India and GCC region
In the first phase, the partnership will launch a digital inward remittance service—RemitNow2India—allowing UAE residents to send money to any bank account in India.
India-based private sector bank and Lulu Exchange, the UAE-based financial services company, have signed an agreement to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region.
As per a press release shared by Zawya, in the first phase, the partnership will launch a digital inward remittance service—RemitNow2India—allowing UAE residents to send money to any bank account in India.
This can be through the Immediate Payment System (IMPS) and National Electronic Funds Transfer (NEFT) through HDFC Bank’s digital banking channels.
Further, the two entities will leverage their collective regulatory technology and service network to extend the collaboration through various online and offline initiatives.
"With this, HDFC Bank will gain access to remittances from the employees, customers, and stakeholders of Lulu Exchange. Lulu Exchange can also capitalise on a trusted name with a vast network," said Arvind Vohra, Group Head – Retail Branch Banking, HDFC Bank.
This will help the UAE population, particularly the Indian diaspora, to transfer money seamlessly, he added.
"The collaboration will build upon existing capabilities to facilitate money transfer and will also set the base for the eventual integration of the newly introduced service across GCC where we are present,” said Adeeb Ahamed, Managing Director, LuLu Financial Group.
The collaboration is expected to strengthen the relationship between HDFC bank and Lulu Exchange in India, where LuLu Financial Group operates 'LuLu Forex' and its non-banking financial company (NBFC) division LuLu Finserv.
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Edited by Suman Singh