Domestic Remittance: Money Transfer Anywhere and at Anytime in India
Domestic migrant workers are able to remit savings back home via National Electronic Funds Transfer through an integrated platform of collaborative services of YES Bank and banking correspondents. All the parties symbiotically benefit from this relationship leading to convenience for migrant workers where they avail this service 24 h a day without complete KYC at very low service charges even for small-sized transactions. Simultaneously banking correspondents earn an income and generate footfalls, whereas the bank gains brand visibility and a modest fee. This setup saves man hours and breaks even in a very small time span.
KeywordsMigrant Worker Short Message Service Bank Branch Internet Banking Money Transfer
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