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Banks of Oman and India join hands to simplify money transfer

By Delisha Fernandes

October 03, 2023

  • cross-border remittance
  • Digital Solutions
  • Federal Bank of India
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National Bank of Oman, Federal Bank of India, cross-border remittance, digital solutions, Mobile Banking Application, Indian diaspora, FinTech Oman, FinTech India, FinTech newsThe National Bank of Oman (NBO), has forged an alliance with Federal Bank of India, a prominent player in cross-border remittance and non-resident Indian banking services. Through this strategic partnership, Federal Bank will contribute its expertise to collaborate with NBO in introducing a revolutionary money transfer service from Oman to India.

The affiliation between the two esteemed banks signifies a noteworthy stride towards optimising international remittances, setting a new standard of excellence in financial services whilst upholding customer-centricity.

The collaboration is poised to reform the remittance landscape by presenting seamless digital solutions to individuals in Oman who seek to remit funds. With competitive exchange rates and a low transfer fee, this service is available in eight languages (English, Arabic, Hindi, Bangla, Kannada, Telugu, Tamil, Malayalam), making it accessible to a diverse range of customers.

Tariq Atiq, General Manager and Chief Retail and Digital Banking Officer, said, “With great enthusiasm, we announce our affiliation with Federal Bank, a respected institution celebrated for its remarkable legacy. This dynamic cooperation empowers us to initiate a new era of seamless digital solutions catering to individuals in Oman who seek to send funds to India. By leveraging technology’s potential, we strive to provide accessible and reliable remittance services, ensuring a smooth and efficient money transfer journey for our patrons.”

Led by NBO, this remittance arrangement aims to facilitate effortless money transfers. Utilising Federal Bank’s extensive network and expertise in the Indian banking domain ensures a smooth transaction process. NBO’s customers will gain the capability to directly send funds in Indian Rupees to their beneficiaries in India, unlocking an unparalleled level of convenience and efficiency. This initiative reflects the mutual dedication of both banks to resourcefulness, client-focused approach and enhancement of financial connectivity between the two countries.

Shalini Warrier, Executive Director of Federal Bank, said, “We are thrilled to announce our remittance tie-up with NBO. This pact empowers non-resident Indians with best-in-class technology that assures fast and reliable remittances for the Indian diaspora. At Federal Bank, we consistently embrace cutting-edge technology to enhance our customers’ experience. As a key player in cross-border remittance and non-resident banking, we are confident that our partnership with NBO will significantly elevate customer satisfaction.”

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