Unistream and IndusInd Bank launch Remittance Service to India

11.10.2010

The Moscow-based commercial bank JCB Unistream, operational and organizational center for the international money transfer system UNISTREAM has entered into an agreement with IndusInd Bank, a well known private sector bank in India to launch remittances to India. India is the largest recipient of remittances across the globe, with an estimated volume for last year being nearly US$ 55 billion.

Under this arrangement, the Remitters would be able to send money from any of the branches of Unistream world wide. In India, IndusInd Bank would directly credit the account of the Beneficiary within a span of 24 hours of having received the money.

IndusInd Bank Ltd had nearly 224 branches & 544 ATMs in India and is expected to expand its network to over 300 branches by the end of this year. The Bank is a major player for Remittances coming into India from GCC region, having tied up with over 40 partners from this region alone.

“Taking into the account the size of the two financial institutions, UNISTREAM’s growing international business and IndusInd Bank’s recognition in the region, we believe this tie-up is an important milestone in the history of financial sphere of not only India particularly but Asia in general,” said Unistream’s CEO and President, Souren Hayriyan from Moscow.

“While IndusInd Bank has established itself as a major player in Remittances from Middle East, this arrangement with Unistream will help us tap into India bound flows from Europe & UK as well. It would help NRIs based in Euro Zone send money in a convenient & cost effective manner straight into the bank accounts of beneficiaries in India” said Amit Talwar, SVP & Head Global Remittances, IndusInd Bank, from Mumbai.

Operating in 95 countries around the globe, UNISTREAM serves over 6 million clients a year. It is known for development of several ambitious projects in various world regions.



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