Instant remittances to India offered by bank

Business News

Dec 3, 2007, 1:05 GMT

Singapore - The State Bank of India (SBI) has launched an instant transfer facility that it claims is the fastest way for members of the Indian community in Singapore to remit funds back to their homeland, SBI said on Monday. The bank says it has a network of nearly 10,000 branches. Remittance services offered by banks usually take between 15 minutes and a few working days. The bank said the instant transfer service will appeal to the 375,000 Indian expatriates in the city-state, primarily working in the construction sector. Indian workers remit on average 500 Singapore dollars (350 US dollars) each per month back to India. © 2007 dpa - Deutsche Presse-Agentur

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