According to a senior bank official, Eurobank has launched a UPI-based remittance service from Greece to India, offering almost instantaneous transfers at minimal fees. Released last Monday, the service allows Indian clients of Eurobank in Greece to send funds back to India through UPI-connected systems.
In early 2024, NPCI International Payments Limited (NIPL), a subsidiary of National Payments Corporation of India (NPCI), and top Greek bank Eurobank signed a Memorandum of Understanding (MoU) to improve UPI-based cross-border payments.Eurobank SA’s deputy CEO, group COO, and head of international operations Stavros Ioannou said that a little fee will be necessary to pay the platform’s operating costs.
Ioannou explained that the platform was created by integrating the systems of Eurobank and NPCI in order to streamline the process of sending money from Greece to India. At the moment, this service is only accessible to Indian clients in Greece who have an account with Eurobank and can use it to send money back to India. The initiative’s stated goal is to facilitate quicker money transactions for the Indian diaspora in Greece, according to the bank. During Cypriot President Nikos Christodoulides’ visit to India’s financial capital on Thursday, Eurobank will launch its first representative office in the country. The services provided by the office will include enabling flows between India and Greece/Cyprus, as well as cross-border transactions and business prospects.
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