The private sector bank HDFC Bank and the UAE-based Lulu Exchange have signed a Memorandum of Understanding (MoU) to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region. Lulu Exchange’s expertise and regulatory framework will be used to launch a digital inward remittance service called ‘RemitNow2India’ in the first phase of the partnership. According to a press release issued by the bank on Tuesday, this will allow UAE residents to send money to any bank account in India via IMPS and NEFT via HDFC’s digital banking channels. “The partnership will also seek to strengthen the two entities’ existing relationship in India, where LuLu Financial Group operates LuLu Forex and the NBFC division LuLu Finserv,” it said.
Lulu Exchange’s expertise and regulatory framework will be used to launch a digital inward remittance service called ‘RemitNow2India’ in the first phase of the partnership. According to a press release issued by the bank on Tuesday, this will allow UAE residents to send money to any bank account in India via IMPS and NEFT via HDFC’s digital banking channels. “The partnership will also seek to strengthen the two entities’ existing relationship in India, where LuLu Financial Group operates LuLu Forex and the NBFC division LuLu Finserv,” it said.
“The UAE-India payments corridor is one of the world’s largest, and this partnership will build on existing capabilities to ease money transfer for thousands of Indian expats living in the UAE, while laying the groundwork for eventual integration of this service in other parts of the GCC where we have a presence,” he is quoted in the release as saying. According to the release, HDFC and LuLu Exchange will leverage each other’s regulatory technology and vast service network to expand the partnership through a series of online and offline initiatives.