Karur Vysya Bank ties up with TimesofMoney for online remittances

Mumbai, June 29, 2012: Karur Vysya Bank, a leading Private Sector Bank with over 95 years of banking tradition in India, announced a tie-up with TimesofMoney, India’s leading digital payments service provider, for a customer friendly online remittance solution for Non Resident Indians (NRIs). This service provided by TimesofMoney will ensure that all NRI customers of Karur Vysya Bank get a robust transaction platform along with better pricing, safety and speedy money transfers.

Karur Vysya Bank, with a blend of tradition and modern technology, continues to provide innovative solutions to its customers with alliances such as this. With the TimesofMoney service, the bank ensures that its customers get a faster service, a secure platform & a price advantage, both in terms of the lower transfer fee & better exchange rates.

Commenting on the occasion, Mr. V. Bhaskar, General Manager, International Banking Group, Karur Vysya Bank said, “With our NRI portfolio growing at a rapid pace, we already have in place a robust online transfer arrangement with TimesofMoney for USD. This is being expanded now to cover more countries, especially all European countries and currencies, so that our NRI customers, as also non-customers can remit funds home in a fast, secure and hassle-free environment. With this tie-up in place, we also expect our NRI inflows to grow at a faster pace”.

Commenting on the tie-up, Avijit Nanda, President - TimesofMoney said “India is the top remittance receiver in the world, with a robust US$ 64 billion in 2011 (as per a World Bank Report), a growth of 16% over last year. Online remittances, increasingly being preferred by consumers is growing at an incredible rate of approx. 20% CAGR. We at TimesofMoney ensure that we satisfy the needs of Indians abroad with a superior & user-friendly service. Karur Vysya Bank with its strategic focus on new services, combined with our proven expertise in managing online remittances, gives the customer an excellent platform to send money home to his family.”

About Karur Vysya Bank:

Karur Vysya bank is one of the leading banks in the private sector in India, with a 95 year old tradition. With a business mix of over Rs.560 billion and a network of more than 450 branches, it is poised for further rapid growth in the years to come. It also has a strong technology platform and offers the complete suite of modern technology products like mobile banking, net banking etc. It has an uninterrupted profit-making and dividend-paying record since inception. It also recently won the Best Private Sector bank award at the Bloomberg/UTV Financial Leadership Awards, 2012.

About TimesofMoney:

TimesofMoney is India’s leading digital payments specialist serving a wide range of retail & institutional clients across the globe. Its offerings include cross-border online money transfers, customized NRI services and online payment gateway. With a large transacting retail base & a host of reputed brands as partners on the institutional side, TimesofMoney has emerged as the leader in digital payment solutions globally.

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