Karnataka Bank ties up with TimesofMoney for online money transfer

Bank will offer online remittance platform for NRIs across 23 destinations including Gulf countries, US, UK, Singapore among others

Mangalore-based private lender Karnataka Bank has tied up with TimesofMoney, a digital payments and remittances service provider, to offer internet based online money transfer solution to NRIs (Non-Resident Indians), the Bank said in a statement.

The Bank will offer an online remittance platform for NRIs across 23 countries including Gulf countries, US, UK, Singapore among others. With this partnership, NRIs can use the Karnataka Bank website to transfer money online from 23 countries leveraging TimesofMoney’s expertise in cross border remittances. This ensures that NRIs get the service through Karnataka Bank.

Speaking on the occasion, P Jayarama Bhat, Managing Director & CEO, Karnataka Bank said, “India is the top receiver of remittances worldwide. Nevertheless, in the recent past, bulging trade deficit along with significant decline in invisible earnings caused widening of Current Account Deficit (CAD) resulting in stress on Balance of Payments (BOP). In this scenario it is felt appropriate to tap the NRI market and channelise the inflows by tying up for online remittance facilities, which is safe, secure and faster.”