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| Monday, 01 November 2004 |
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People's Bank to launch 'People's e-Remit' The People's Bank will launch "People's e-Remit" a real time e-remittance service offering non-resident Sri Lankans living in the US to transfer funds to their beneficiaries in Sri Lanka soon. The new service will be provided in collaboration with TOML India and Deutsche Bank. An agreement for the proposed service was signed between the two banks early this week, Acting CEO/General Manager T. Karunasena and the Asst. General Manager of the People's Bank OCS unit, Vasantha de Silva signed on behalf of the People's Bank and Ravi Perera- Country Head of the Global Banking Department of Deutsche Bank signed the agreement in this regard. A remitter can instruct his banker to debit his account and send money to his relatives in Sri Lanka hassle free under this system. A Sri Lankan who wishes to avail himself of this service will require registering online providing details of his bank account in the US and the relevant information regarding the beneficiary. "Currently there are over 150,000 Sri Lankan expatriates living in the US and they have to pay extremely high bank charges which are between US$35- US$50 to send money to their families in Sri Lanka. They can now remit money for a mere US$10 per transaction and are still assured of a speedy and reliable service" Karunasena said. The People's Bank with a history of 43 years is also looking at other non traditional ways to reach out to new customers - through networks, alliances and other delivery channels that will improve the quality of business and offer convenience to its customers and e-Remittance is one such product, he said. We saw a huge potential for online fund transfers. We currently maintain a 20% market share as far as foreign remittances are concerned and with "People's e-remit" we are confident of a further growth in our market share", said Vasantha de Silva, Assistant General Manager of the People's Bank OCS unit. "People's e-remit" will be extended to the UK and Middle East next year. Remittances can be made through over 12,000 US banks which are affiliated to this service", said Ravi Perera, Country Head of Global Banking Department of Deutsche Bank, Sri Lanka. "People's e-remit" will also include several value added services such as online tracking of transactions and short messaging. The People's Bank will also reward those who receive remittances through "People's e-remit" under the "Rata Salli" special foreign remittance prize scheme. The first winner of the "Rata Salli" prize scheme will be awarded a Rs. 2.5million cash prize with a host of other prizes also on offer for the winners of the grand draw. |
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