By DPA
Singapore : The State Bank of India (SBI) has Monday launched an instant transfer facility that it says is the fastest way for members of the Indian community in Singapore to remit funds back to their homes.
The bank said it has a network of nearly 10,000 branches. Remittance services offered by banks usually take between 15 minutes and a few working days.
The bank said the instant transfer service would appeal to the 375,000 Indian expatriates in the city-state, primarily working in the construction sector.
Indian workers remit on average $350 (Rs.13,800) each per month back to India.