Jamshedpur, Jan. 2: Amid continued impressive growth rates in inward remittances to Bihar & Jharkhand, Transfast is aiming to be the number-one provider of remittances to the region in 2016.
Transfast, Director Samir Vidhate said that as a global player in remittance, Transfast understands the importance of Bihar & Jharkhand and is expanding rapidly in Eastern India.
�We are committed to the region and will be closely partnering with banks, agents and payers for continued growth,� says Mr. Samir Vidhate. �We want customers in Bihar & Jharkhand to know that Transfast always delivers great value when you are sending money home.
Under Transfast CEO Mr. Samish Kumar�s leadership, New York-based Transfast has become a leading provider of cross-border payments globally to more than 120 countries. Kumar is one of many successful India-born CEOs of U.S.-based companies who have emerged in recent years, and are making a difference in the economic growth of their home country.
Recently, Transfast announced a strategic partnership with Enjaz, the remittance arm of Bank Al Bilad of Saudi Arabia.
People from Bihar & Jharkhand working in Saudi Arabia can send money to India from Enjaz�s wide branch network, in local currency, direct to the beneficiary�s bank account 24/7, or for cash pick-up at more than 45,000 payout locations in India. Saudi Arabia is the third-largest source of remittances to India globally, according to the World Bank.
The number of NRIs from Bihar & Jharkhand has grown rapidly in recent years.
According to a report issued in December by the World Bank, remittances to India will total $72 billion in 2015, meaning that India will remain the world�s largest remittance-receiving country.
Earlier in 2015, the World Bank reported that the South Asia region is projected to receive $120 billion in remittances 2015, at a growth pace of 3.7 percent. Growth in remittances to the region is expected to pick up to $126 billion in 2016 and $132 billion in 2017, also according to the World Bank.
Because money coming in has a multiplier effect, facilitating remittances can push GDP growth in a very positive way, says Mr. Vidhate.
�In 2015, we�ve been encouraged by the strong growth of inward remittance to Bihar & Jharkhand and as a result, we are scaling rapidly across the region,� says Mr. Vidhate. �Transfast is committed to getting the maximum amount of remittance to Bihar & Jharkhand.�