IndusInd Bank has joined hands with the National Payments Corporation of India (NPCI) for offering real-time cross-border remittances to India using UPI IDs for its Money Transfer Operator (MTO) partners.
The private sector bank, in a statement, said it has become the first Indian bank to go live on UPI for Cross Border Payments/NRI Remittances.
Under this arrangement, the MTOs will be using the IndusInd Bank channel to connect with NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts.
This collaboration will enable partners of IndusInd Bank to facilitate remittances from Non-Resident Indians (NRI) and People of Indian Origin (PIO) living across the globe to transfer money to their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts as well as to their families and relatives back in India.
IndusInd Bank has…
