Mumbai

Fino Payments Bank has received the RBI approval for commencing International Remittance business under the Money Transfer Service Scheme (MTSS). The Bank will be undertaking inward cross-border money transfer activities in association with an Overseas Principal, the details of which are being worked out. According to a recent World Bank release in November 2021, India is expected to be the largest recipient of remittances globally in 2021 with expected receipt of $87 billion. This is expected to grow by 3% in 2022 to $89.6 billion as a large number of workers are expected to return to the gulf countries.