Indians abroad sent $79 billion in remittances home in 2018
UAE-based Noor Bank has announced a strategic partnership with India’s ICICI Bank to allow customers to make instant money transfers to India from anywhere in the UAE, it was announced on Sunday.
According to Noor, the service enables transfers to take place within 60 seconds through the bank’s online portal and mobile banking app.
“Remittances remain a key source of sustenance for millions of families around the world,” said Mufazzal Kajiji, the head of retail banking at Noor Bank. “In this context, our partnership with ICICI Bank Limited…assumes significance in providing our customers with fast and efficient services to meet their needs in the UAE and back home.”
Kajiji added that “the latest addition to our service portfolio enhances the ease of making planned and emergency transfers to our account holders.”
According to World Bank statistics, India is the world’s top recipient of remittances, with its nationals abroad sending a total of $79 billion home in 2018.
In the fourth quarter of 2018 alone, India received AED 13.6 billion ($3.7 billion) through exchange houses and banks in the UAE.