Karnataka Bank has tied up with Times of Money to offer an Internet-based online money transfer solution to non-resident Indians (NRIs).

Quoting P. Jayarama Bhat, Managing Director and Chief Executive Officer of Karnataka Bank, a press statement said here that India is the top receiver of remittances worldwide. In the recent past, bulging trade deficit along with significant decline in invisible earnings caused widening of current account deficit resulting in stress on balance of payments.

“In this scenario, it is felt appropriate to tap the NRI market and channelise the inflows by tying up for online remittance facilities. Karnataka Bank enjoys a great confidence among NRIs and it is our endeavour to offer them the very best of services and present tie-up with ‘Times of Money’ for online money transfer,” he said.

With this partnership, NRIs can use the Karnataka Bank Web site to transfer money online from 23 countries leveraging Times of Money’s expertise in cross-border remittances, the release said.

Quoting Avijit Nanda, Chief Executive Officer of Times of Money, the release said: “With the significant increase in inward remittances, more and more people are shifting to online ways of transferring money. With the comfort of time and place, online money transfer service has clearly come out as a winner.”