Federal Bank in India has taken the decision to carry out cross-border remittance in cooperation with blockchain-supported global remittance company Ripple Inc. for Cross border transactions via the Ripple network, which is supposed to provide safety and security to such activities.
In a meeting held today, Federal Bank MD, CEO Shyam Srinivasan, and Senior Vice President of Ripple Inc, John Mitchell, signed the agreements for the partnership.
After substantiating the partnership with Ripple, Srinivasan underlined the necessity of the Federal Bank to the Indian remittance industry that made them initiate this partnership, especially with his estimation that remittances to India would likely exceed $70 billion.
It has also been predicted by the World Bank that India would still be at the peak of the remittance recipient list in 2018, owing to the Indian diaspora sending back to the country a colossal sum amounting to $80 billion.
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Furthermore, Federal Bank has also launched a new app that can alert NRI customers about their account transactions and provide them OTPs in order to facilitate a safe and secure banking experience.
The app solves the problem of delayed delivery of OTPs and alerts. – Shyam Srinivasan
Srinivasan added that this app is available for both Android and iOS platforms.
According to Srinivasan, the Indian banking sector has experienced another year of prosperity with credit growth of 14 percent and deposit growth of 10 percent, along with a rise in the shares of Federal Bank.
Federal Bank is supposed to be the fifth Indian bank to join the Ripple network, after Yes Bank, Axis Bank, IndusInd, and Kotak Mahindra.