Instant Remit to India

The remittance business plays a crucial role in the life and ethos of a wide swathe of the developing economy with significant welfare implications


Nisthula Nagarajan

Published: Sun 15 Aug 2021, 11:01 AM

India has retained the top position in the inward remittance business and Canara Bank is one of the major banks in India regarding this.

Canara Bank was established in 1906 and licensed as a bank under the Banking Regulation Act 1949 of India and regulated by the Reserve Bank of India with its head office at Bengaluru, Karnataka. It is the third-largest public sector bank by global business volume with $229.57 billion. The bank has gone through various phases of growth with a trajectory spanning over 100 years of its existence.

In the recent amalgamation exercise carried out by the Government of India, Canara Bank is one of the anchor banks. Canara Bank and Syndicate Bank as an amalgamated entity boosts its national presence in all states and union territories of India and a global presence through overseas branches in London, New York, Dubai, Hong Kong, Tanzania (subsidiary) and Commercial Indo Bank LLC (CIBL) Moscow (Joint venture with State Bank of India). Canara Bank also has a representative office in Sharjah, which has been in operation for more than 11 years under the licence of the UAE Central Bank, as well as exchange houses in the UAE, Qatar and Oman, and a branch in Dubai International Financial Centre (DIFC).

Personal remittances into a country play a crucial role in the country’s development and is a key Balance of Payment indicator. In FY 2020-2021, India has received $80.2 billion (Source: RBI Bulletin July 2021 Volume LXXV Number 7) as remittances, with a major chunk of it from Gulf countries. The resilience shown by NRI diasporas in the face of the pandemic, make remittances bode well for India’s economy. On this Independence Day, Canara Bank salutes the expats who play a crucial role in building our nation.

Remittances depend upon a host of factors, including macroeconomic conditions in source economies, the stock of migrants, the fiscal policy stance in the host countries, oil price dynamics and the domestic policy regime for work-related migration. For India, the flow of inward remittances has been pivotal in financing the trade deficit. The cost of sending remittances to India, therefore, assumes critical relevance. The cost of receiving foreign exchange through various modes (excluding cheques and drafts) varies between zero and 13.3 per cent of the remitted amount across all banks, with charges of public sector banks being lower than those of private and foreign banks. (Source: RBI Bulletin: Globalising People: India’s Inward Remittances dated November 14, 2018)

In this regard, Canara Bank is offering innovative, convenient, cheaper, and digital remittance solutions to India’s Heroes who are toiling hard abroad and contributing to its growth story.

The Canara Bank representative office is a single point of contact for all kinds of banking needs ranging from opening new accounts for Indian expatriates. It further extends all kinds of non-financial services to all its customers. As a result, Indian expats have convenient access to all banking needs and services right here in the UAE without having to visit their home branches. Expats can make deposits in Canara Bank NRE/FCNR products in India via this office.

Canara Bank has tie-ups with major banks of UAE and arrangements with multiple reputed Exchange Houses to help expats remit their money home. It promises to deliver faster, high quality, secured service with minimal charges. Using our ‘Remit Money’ product, you can instantly send money from UAE to your bank account in India. It is a faster — instant 24x7x365 service; convenient — providing immediate SMS alert and you can receive account details using our missed call service from your registered mobile number, which is secured — data shared between the bank and exchange house is encrypted electronically.

'Canara Bank in its role as a leading public sector bank is facilitating all the stakeholders of our nation striving towards achieving our country’s ambitious target of a $5 trillion economy by 2025 with our motto ‘Together We Can’. Happy Independence Day.'

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