HDFC Bank, Lulu Exchange partner to boost cross-border payments between India and Middle East

HDFC Bank, Lulu Exchange partner to boost cross-border payments between India and Middle East

India’s largest private sector bank – HDFC Bank, and UAE based financial services company – Lulu Exchange, today signed an agreement to strengthen cross-border payments between India and GCC. In its first phase, the partnership will draw on Lulu Exchange’s expertise and regulatory framework to launch a digital inward remittance service titled RemitNow2India that will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC’s digital banking channels. The partnership will also look to strengthen the existing relationship between the two entities in India, where LuLu Financial Group operates LuLu Forex and the NBFC division LuLu Finserv. Speaking on the partnership, Arvind Vohra, Group Head – Retail Branch Banking, HDFC Bank says, “Our partnership builds on each other’s strengths. While HDFC Bank potentially gains access to remittances from LuLu Exchange’s employees, customers and other stakeholders, LuLu Exchange can capitalise on a trusted name with a vast network. As a bank we can help the people in the UAE, particularly the Indian diaspora to send money conveniently and in a seamless manner into the country.” Adeeb Ahamed, MD, LuLu Financial Group, comments, “We are delighted to partner with HDFC Bank and