HDFC Bank, Lulu Exchange ink deal to enhance cross-border payments between India-Gulf region

The digital inward remittance service will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC's digital banking channels

Private sector bank HDFC Bank and UAE-based Lulu Exchange have signed an MoU to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region.

In the first phase of the partnership, Lulu Exchange's expertise and regulatory framework would be utilised to launch a digital inward remittance service titled 'RemitNow2India'.

That will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC's digital banking channels, a release issued by the bank on Tuesday said.

"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.

Mr. Vohra also said that as a lender, HDFC Bank can help the people in UAE, particularly the Indian diaspora, to send money conveniently and in a seamless manner to India.

Adeeb Ahamed, MD, LuLu Financial Group, said they were "delighted" to partner with HDFC Bank.