Good news for customers of Fino Payments Bank, permission to receive remittances from RBI

Now money transferred from other countries can be withdrawn from any nearby ATM. This work can also be done through Aadhaar based (AEPS).

The bank can receive the remittance.

Fino Payments Bank said that it has received approval from the Reserve Bank of India to start international remittance business. Now Fino Payment Bank can do remittance work under Money Transfer Service Scheme (MTSS). The customers of the bank can now order money from other countries.

After getting the approval on Monday, it was said from the bank that we have many customers whose family members work in other countries. From today onwards, such customers of ours will not face any problem in getting remittances. Now money transferred from other countries can be withdrawn from any nearby ATM. This work can also be done through Aadhaar based (AEPS).

Service starts from first quarter of new financial year

It was said from the bank that we constantly work on product innovation. This is the pillar of our working model. With the introduction of remittance facility, our transaction based product offering will increase. The bank said that by the first quarter of the financial year 2022-23 i.e. by June 2022, we will start the inward remittance service.

This facility will also be available on mobile app

Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, “We will be able to provide our customers the facility to receive remittances from abroad from the first quarter of FY 2022-23. We will try to bring this feature on our mobile app as well.

Customers of these states will get more benefits

Ahuja said that this service is likely to be used on a large scale in states like Gujarat, Punjab, Kerala, Uttar Pradesh and Bihar. He said that with its increased presence in these areas, Fino Bank will be able to attract more people.

Major contribution of remittances in the economy

Remittances have a major contribution to the Indian economy. It helps in the smooth running of government schemes. Remittances coming from abroad have a big contribution in the success of programs like Skill Development, Digital India, Make in India schemes of the Government of India. It helps in increasing the GDP of India, as well as reduces the problem of poverty in front of the government.

Government helps in eradicating poverty

In India, more part of this fund is used in the works of removing poverty from a family, improving health status, improving education. During the Corona period, when the government transferred money to the accounts of the poor, the money coming in the form of remittances from abroad played an important role in saving lives.

Help in maintaining foreign exchange reserves

Apart from this, remittances also play an important role in maintaining the foreign exchange reserves of the country. If the remittance comes more, then it also strengthens the rupee. If the rupee strengthens, the import bill will be lower. According to a report by the World Economic Forum, 258 million or 258 million people live in other countries all over the world. In such a situation, there will be more and less in remittance, but its importance in the economy of any country cannot be ignored.

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