HDFC Bank and UAE-based financial services company Lulu Exchange, have partnered to strengthen cross-border payments between India and Gulf Cooperation Council (GCC) region. Both sides have signed a memorandum of understanding (MoU) to enable remittances to India through HDFC’s online and mobile banking powered by LuLu Exchange.
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In a press release, the bank said they will launch the ‘RemitNow2India’ service for quick money transfer from UAE. In the first phase, the bank said, the partnership will draw on the Lulu Exchange’s expertise and regulatory framework to launch the ‘RemitNow2India’, a digital inward remittance service, which will allow individuals in the UAE to send money to any bank account in India via IMPS and NEFT through HDFC Bank’s digital banking channels.
They will also strengthen their existing relationship. Currently, the LuLu Financial Group operates the LuLu Forex and LuLu Finserv, a non-banking financial company (NBFC) division.
The UAE-India payments corridor is one of the largest in the world, and this partnership will build upon existing capabilities to ease money transfer for thousands of Indian expats living in the UAE, while setting the foundation for the eventual integration of this service in other parts of GCC.
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