Central Bank launches CentFast2India for e-transfer of funds

Mumbai: Public sector lender Central Bank of India has launched online remittance facility, CentFast2India, for remitting funds online from the U.S. to India.

The facility offers a hassle-free funds transfer by remitters in the U.S. to beneficiaries in India through Internet banking. The beneficiary receives the credit within three working days by way of direct credit to their account with Central Bank on CBS platform, or through NEFT if the account is maintained with other banks. To start with, the maximum amount per remittance has been restricted at $5,000.

"The facility gives freedom to the remitter in the U.S. to remit money at his convenience from any bank account anywhere in the U.S. to any account in India," said S Sridhar, Chairman and Manging Director, Central Bank. Overseas Indian remittances were estimated to be around $55 billion by FY'10 and is expected to touch $100 billion by 2014, added Sridhar.

Sridhar said the bank would focus more on the retail sector this fiscal by launching new products. "Our focus was on the corporate sector last fiscal. This year we will focus on retail. We expect to increase our retail growth to 25 percent in FY'11 from 20 percent last fiscal," he said.
Source: PTI