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Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015.
India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015. [ 29 ] [ 30 ] Indians living overseas are the world's largest diaspora. As per the Ministry of Overseas Indian Affairs (MOIA), remittance is received from the approximately 35 million members of the Indian diaspora . [ 31 ]
The Reserve Bank of India (India's Central Bank) maintains this payment network. Real-time gross settlement is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel.
Eko India Financial Services Pvt. Ltd. is an Indian fintech company, servicing the State Bank of India (SBI), ICICI Bank, and Yes Bank, and provides banking services and mobile banking. [ 1 ] [ 2 ] [ 3 ] With Bharti AXA Life Insurance Company, it provides Bharti AXA Life - Bachat Bima, micro-insurance policies.
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.It is the 48th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list. [11]
Structured Financial Messaging System (SFMS) is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications.It is an Indian standard similar to SWIFT which is the international messaging system used for financial messaging globally.