HDFC Bank inks pact with Wells Fargo

HDFC Bank, country’s largest private sector lender has inked pact with Wells Fargo to enable US-based NRIs to remit funds online or through phone to their beneficiaries in India.

US-based customers need to carry out their first transaction at a Wells Fargo branch to avail of the remittance facility. Subsequent transactions can be conducted through Wells Fargo.com, or via Wells Fargo Phone Bank. Funds are sent to HDFC Bank quickly for credit.

The bank has reported 30.35% jump in its net profit of Rs 1453.08 crore for the fourth quarter ended March 31, 2012 as compared to Rs 1114.71 crore for the same quarter previous year. The bank’s total income has increased to Rs 8880.02 crore for the quarter under review from Rs 6724.31 crore for the corresponding quarter previous year, up by 32.06%.