IndusInd Bank, a private sector lender, has entered into a tie-up with Western Union for helping small businesses pay their overseas vendors. The service will currently be available in 22 cities in the country where the bank has got branches.
Customers will need to have a current account with the bank to avail of the facility. The importing SME will pay a fee to the bank which will be arrived at after calculating for money wire charges and foreign exchange spread, for sending the money to the vendor.
The bank’s net profit for the quarter ended March 31, 2013 jumped by 37.61% at Rs 307.40 crore for the quarter as compared to Rs 223.38 crore for the quarter ended March 31, 2012. Bank’s total income has increased by 23.55% at Rs 2190.66 crore for the quarter under review as compared to Rs 1773.07 crore for the corresponding quarter of the previous fiscal.
