HDFC Bank, Lulu Exchange sign to enhance cross-border payments

HDFC Bank, Lulu Exchange sign to enhance cross-border payments : HDFC Bank has signed an MoU with the UAE-based Lulu Exchange to strengthen the cross-border payments between India and the Gulf Cooperation Council (GCC) region. In the beginning, the expertise and regulatory framework of Lulu Exchange would be utilized to launch a digital inward remittance service – ‘RemitNow2India’.

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It will allow UAE individuals resident to send money to any bank account in India via IMPS and NEFT through HDFC 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,” it said.

Arvind Vohra, Group Head of Retail Branch Banking in HDFC Bank, said the partnership will build 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,” he said.