State Bank of India is considering a partnership with Ripple to increase the speed of money transfers into the country.
To the company in the country is fast growing interest, especially after the news that Kotak Mahindra Bank will implement a system of Ripple for payments xCurrent. In recent years, the financial sector in India has expanded considerably, and in 2017, the country became the leader in the number of remittances to a country then it has received about $ 69 billion.
State Bank of India created on the basis of the Bank of Calcutta, is the oldest commercial Bank in Indian subcontinent and one of the largest banks of India with 23% market share, along with a quarter of the total market loans and deposits.
– Ripple has set up an office in Mumbai in 2017 and seriously began working with financial institutions across the country to improve access to services for consumers and businesses, says one of the representatives of the Ripple.
In June, Ripple announced that Kotak Mahindra Bank will add 1,300 of its affiliates in a decentralized network RippleNet. In addition, Kotak will use the xCurrent for instant money transfers in the country.
– Improving services for money transfer to India and from India will help users to spend less on translation and to leave more money to their families at home… This trend is becoming more popular among payment providers and banks within the country and abroad, which further emphasizes the need for the creation of more convenient money transfers, – said General Director of Ripple brad Garlinghouse.
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