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Partnership Between SBI & Remitly for Secure and Easy Remittance to India

Published on September 20, 2022
Current Context: The State Bank of India (SBI) announced its collaboration with Remitly for secure and easy remittance to India.
Partnership Between SBI & Remitly for Secure and Easy Remittance to India
  • The objective of this partnership is to enable the NRIs across the globe to send money to their loved ones through the SBI via Remitly.
  • Through this collaboration between the SBI and Remitly, NRIs will be able to transfer money to 17 Remitly countries like the USA, Canada, the UK, France, Germany, Australia, Netherlands, etc.
  • Remitly is an online remittance service that was established in 2011 with its headquarters in Seattle, Washington. The current Chairperson of Remitly is Matthew Oppenheimer.
  • It is a platform that receives the money from the sender and credits it to the receiver through multiple modes viz. Direct Credit, Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), and Immediate Payment Service (IMPS).
  • Depending upon the form and amount of transfers, Remitly provides immediate credits with superior exchange rates and no remittance charge.

Question:

Q.1 Which bank has partnered with Remitly for secure and easy remittance to India?
a. SBI
b. HDFC
c. ICICI
d. HSBC

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