Federal Bank has entered into a strategic tie-up with Mashreq Bank of UAE, to facilitate money transfers from the UAE to India.
The partnership will support Mashreq’s payment product “QuickRemit”, which was launched in 2017.
Key Points:
i.As a result of the partnership, Mashreq customers can enjoy substantial savings as well as continue to send money instantaneously to India from the convenience of their home or office, from Mashreq’s online and mobile banking channels.
ii.The agreement made Mashreq bank as the first bank in the UAE to offer instant and same day credit facility to so many places, including the UK, Singapore, Philippines, Australia, Canada, Sri Lanka and majority of European countries.
Note:
- Personal inward remittances to India has a market share of 17%.
- Federal Bank, a major player in the personal inward remittance space with around 90 remittance arrangements across the globe.
About Mashreq Bank:
Mashreq Bank has a presence in twelve countries across Europe, US, Asia and Africa. It is also the only privately-owned bank in the UAE.
Headquarter:Dubai,UAE
Chief Executive Officer(CEO):Ahmed Abdelaal
About Federal Bank
Federal Bank is a private sector bank Headquartered in Aluva,Kerala.
Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non Resident Indian (NRI) customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).
Establishment – The Bank was incorporated on April 23, 1931 and became a scheduled commercial bank under the Second Schedule of Reserve Bank of India Act, 1934 on July 20, 1970.
Managing Director(MD)& Chief Executive Officer(CEO):Shyam Srinivasan
Tagline:Your Perfect Banking Partner
