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SBI, ICICI, HDFC amongst 20 to get NPCI’s inward remittance nod by July-end

Wednesday, 18 June 2014 | SANJAY THAPA | New Delhi
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As many as 20 banks including SBI, ICICI Bank, Federal Bank, Bank of Baroda, Yes Bank are likely to get clearance by July-end for instant foreign inward remittances from the nodal agency National Payment Corporation of India (NPCI). As of now only PNB and Kotak Mahindra Bank have got the clearance for the same and other banks and other correspondent banks have to re-route the inward transfers through them.

“We will be granting clearances to eight other banks in the next one month time wherein the facility for direct inward remittances to  India,” said AP Hota, MD and CEO of NPCI.NCPI is the umbrella organization set up under the supervision of RBI, which presently has ten core promoter banks. These banks include State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC for retail fund clearances both within India and cross-borders.

Hota was speaking at the sidelines of PNB tie-up with a US-based company. “Banks like Indusind Bank, SBI,  HDFC, BOB and Federal Bank  would get clearances by the end of July,” said Hota.PNB, the biggest lender on Tuesday announced a tie-up with US-based Xoom Corporation to  roll out instant bank deposit services to bank accounts in India using the IMPS platform.

“With this our partnership with Xoom would reach to higher level  by providing instant deposits to NRI’s. This IMPS system and Xoom  will provide instant deposits for NRI’s sending money to PNB and  other bank accounts in India,” Punjab National Bank (PNB) Chairman and Managing Director KR Kamath said. The facility would help inward remittance transfer from overseas instantly, Kamath  said at the event wherein the tie-up of PNB  with the US based digital money transfer company Xoom was announced.

Asked about its fund (capitalization) requirements, Kamath said, the bank will assess the capital position in the second half of the current fiscal. Based on assessment, the bank would take a call on raising funds  over and above government’s capital infusion plan. During the last fiscal, PNB got capital support of Rs 500 crore  from the government.

Commenting on queries over the impending move by the RBI in wake of the recent flare-up in WPI based inflation to a five month high of 6.01 per cent, Kamath said that interest rates are unlikely to come down in next 2-3 months as inflation is still high. “I don’t see a rate cut in the next 2-3 months, he added. As the RBI Governor has said, unless inflation is controlled there is no reason to bring down the interest rates. To that extent inflation  control becomes a priority for the Reserve Bank,” he said. Headline inflation accelerated to five-month high of 6.01 per cent  in May from 5.2 per cent previous month, mainly driven by high food  and fuel inflation. 

 
 
 
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