Indian Bank on Tuesday launched IndRemit, an online money transfer service that allows Non-Resident Indians in the United States to make online money remittance to India.
Online remittance service provider Times Online Money is the technology partner of Indian Bank for the web-based remittance product.
"IndRemit allows NRIs in the US to send money to their relatives in India from their offices or homes without even visiting their banks in the USA," M B N Rao, chairman and managing director, Indian Bank, said.
The bank along with Times Online Money will extend the service to Europe, including the UK and other countries in a phased manner, he said.
For doing the transaction, NRI customers need to visit the Indian Bank website, www.indian-bank.com, and click on IndRemit, which will allow them to register for the service.
Indian Bank's overseas branch in Mumbai converts the foreign currency funds at the dollar-rupee exchange rate and prepares drafts in favour of the beneficiary.