Latest news with #RemitFIRST2India
Time of India
6 hours ago
- Business
- Time of India
IDFC First Bank shares in focus as Platinum Invictus secures RBI nod for Rs 2,624 crore investment
IDFC First Bank shares will be in the spotlight after the lender announced that Platinum Invictus B 2025 RSC Limited has received Reserve Bank of India (RBI) approval to invest up to 9.99% of the bank's paid-up share capital. The proposed investment, worth about Rs 2,624 crore, will translate to roughly 5.09% of the bank's post-issue paid-up share capital. The stake purchase will be executed through a preferential issue approved by shareholders on May 17, 2025. IDFC First Bank had earlier outlined plans to raise funds via this preferential issue and has now confirmed receipt of the required RBI clearance for the transaction. Separately, the bank has launched 'RemitFIRST2India,' a digital platform designed to enable Non-Resident Indians (NRIs) to send money to India more quickly and securely. The service currently supports transfers from Singapore and Hong Kong, with plans to expand to other markets soon. Developed in collaboration with Singapore-based remittance provider SingX, the platform offers real-time transaction tracking, competitive forex rates, and paperless transfers. Customers can access the service through the bank's mobile banking app or a dedicated web portal. IDFC First Bank shares price target According to Trendlyne data, the stock has an average target price of Rs 75, implying a 9% upside from current levels. The consensus rating from 18 analysts is 'Buy.' The stock's Relative Strength Index (RSI) is at 39.4, indicating a neutral momentum (below 30 is oversold, above 70 is overbought). The MACD stands at -0.9, below both its signal line and the center line—a strong bearish signal. IDFC First Bank shares price performance IDFC First Bank shares are down 11% over the past month and have dropped 21% in the last two years. The bank's market capitalisation is currently Rs 50,643 crore. Also read: Bajaj Allianz Life Insurance buys 2.1% stake in JM Financial Home Loans ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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Business Standard
4 days ago
- Business
- Business Standard
Remit money home free, in minutes: New platform from IDFC FIRST for NRIs
In a move aimed at redefining cross-border remittances, IDFC FIRST Bank on Wednesday launched RemitFIRST2India, a new-age, fully digital platform designed to empower Non-Resident Indians (NRIs) with seamless, secure, and zero-fee money transfers to India. Developed in partnership with SingX, a Singapore-based licensed remittance provider, RemitFIRST2India combines cutting-edge technology with customer-first features—bringing real-time tracking, transparent forex rates, and zero transfer fees under one sleek platform, the bank said in a statement. Key Highlights: Zero Transfer Fees – No processing or platform charges on remittances. Competitive, Guaranteed Forex Rates – Transparent and without hidden markups. Digital, Paperless Experience – Quick transfers to any Indian bank account. Welcome Benefits – First three transfers come with extra forex margin for new users. The platform is integrated into the IDFC FIRST Bank Mobile Banking App, allowing existing NRI customers to make transfers without additional registration. For non-IDFC FIRST Bank NRIs, a dedicated web portal offers a completely paperless onboarding experience. With a one-step profile creation, users can initiate transfers instantly. Speaking about the platform, Ashish Singh, Head Retail Liabilities, IDFC FIRST Bank, said: 'RemitFIRST2India is more than a remittance solution — it reflects our vision of putting the customer first. We've built it to be intuitive, transparent, and truly global. Whether you're an existing or new customer, you can now send money home in just a few clicks—securely, affordably, and with peace of mind.' With the Indian economy emerging as a global investment hotspot, remittance behavior is also evolving. According to Atul Garg, CEO, SingX: 'The world's eyes are on India, and NRI flows are expected to double in the next five years. While family support remains a core reason for remittance, we now see growing interest in Indian debt and equity markets. RemitFIRST2India is built for this future. Why It Matters for NRIs Saves Money: No more hefty transfer fees or inflated forex rates. Saves Time: Instant setup and fast processing without paperwork. Builds Trust: Licensed partners, compliant operations, and real-time updates on every transaction. As more NRIs look to support families, invest in Indian assets, or simply manage funds across borders, platforms like RemitFIRST2India make global banking not just easier—but smarter.
Business Standard
6 days ago
- Business
- Business Standard
IDFC FIRST Bank Launches RemitFIRST2India - A New-Age Digital Platform for Seamless and Secure Money Transfers to India
VMPL Mumbai (Maharashtra) [India], August 5: IDFC FIRST Bank announces the launch of RemitFIRST2India, a next-generation digital remittance platform that allows Non-Resident Indians (NRIs) to send money to their families in India quickly, securely, and with zero transfer fees. NRI customers of IDFC FIRST Bank can simply log-in to the Mobile Banking App and make the transaction. For non-IDFC FIRST Bank NRI users, the platform offers a simple, paperless onboarding journey through a dedicated web-portal. RemitFIRST2India has been launched in partnership with SingX, a leading remittance provider licensed by Monetary Authority of Singapore, to offer a fully compliant and seamless cross-border payment experience. Currently, the platform supports transfers from Singapore and Hong Kong, with expansion plan across other countries. It also keeps the customer updated on each step of a transaction with live transaction tracking. The platform has been designed with a strong focus on speed, transparency, and easy access. Key Features of RemitFirst2India: * Zero Transfer Fees: Send money without any processing or platform fees * Competitive, Guaranteed Forex Rates: No hidden markups/charges * Seamless Digital transfer: Speedy paperless transfer to any bank account in India with real-time tracking * Welcome Benefits: Enjoy extra Forex margin on the first three transfers for new users Speaking about this launch, Ashish Singh, Head Retail Liabilities, said, "RemitFIRST2India is more than just a remittance solution -- it is a reflection of our customer-first philosophy. We've designed it to be intuitive, transparent, and truly global. Whether you are an existing customer or new to the Bank, you can now send money home in just a few clicks, no charges and with complete peace of mind. This launch strengthens IDFC FIRST Bank's position as a digitally forward bank that delivers secure, efficient, and affordable banking solutions to the global Indian diaspora " Atul Garg, Chief Executive Officer, SingX said, "With world attention centred around India, NRI flows into India are likely to double in the next 5 years. Traditionally NRIs have sent money to India for family maintenance purposes. We are increasingly seeing a number of NRIs remitting funds to India to participate in Indian debt and equity investments. We are delighted to partner with IDFC FIRST Bank to launch an innovative service which enables NRIs to transfer funds to India in a smoother and more cost-effective fashion." NRI Customers with IDFC FIRST Bank can send money directly using their mobile banking app without any additional registration process. New customers can also experience a frictionless process, where they can complete a quick, one-step profile creation and immediately proceed to book their transaction. For more on How to Send Money to India details: Visit About the Bank IDFC FIRST Bank is a fast growing, new age Private Sector Bank created in India with a vision of building a world-class Bank in India, focused on Ethical, Digital, and Social Good Banking. The Bank has 35.5 million live customers, a customer deposit base of Rs. 2,56,799 crore and loans and advances of Rs. 2,53,233 crore, spread over 60,000 cities, towns, and villages across India. It has 1,016 branches but is built as a digital first Bank in scale, scope, and approach. Its customer deposits are growing at 26% YoY and Loans & Advances growing by 21% YoY (June 30, 2025) based on friendly user digital interface, ethical approach, customer friendly products, strong brand, and high corporate governance. Its technology stack is built on advanced technology using cloud native experience layer, microservices led architecture, and powered by advanced data platform, analytics, and Artificial Intelligence. Its mobile App has over 2 million views and is rated 4.9 on Google Playstore and 4.8 on Appstore. The App is rated #1 in India and #4 App in the world by The Forrester Digital Experience Review™: Global Mobile Banking Apps, Q4 2024 for prioritising Customers' financial well-being, comprehensive suite of financial management features, and personalized financial insights, providing educational resources and expert guidance through its Financial Wellness Corner and IDFC First Academy. The 7 Core Principles of IDFC FIRST Bank 1. Vision: Building a world-class Bank in India, focused on Ethical, Digital, and Social Good Banking. 2. Universal Bank: IDFC FIRST Bank is a Universal Bank, offering a comprehensive range of services, including Retail, MSME, Rural, Startups, Corporate Banking, Cash Management, Wealth Management, Deposits, Government Banking, Working Capital, Trade Finance, and Treasury solutions. 3. Ethical Banking: The Bank adheres to a "Near and Dear" test, ensuring its products are so customer-friendly that employees can confidently recommend them to loved ones. The Bank is committed to doing right by customers even when no one is watching and believes that income earned unethically is not worth earning. So, the Bank has simplified descriptions, calculations, and legal jargon to avoid confusing customers and offers "ZERO FEE Banking" on all savings account services, including SMS alerts, IMPS, RTGS, NEFT, cash deposits, non-home branch access, ATM withdrawals, cheque books, Demand Drafts, Pay Orders, duplicate statements, and other commonly charged services. It is the first and only bank in India to do so. 4. Customer Friendly Banking: IDFC FIRST Bank credits interest monthly on savings accounts. For credit cards, it offers lifetime-free cards with no minimum spend conditions, non-expiring reward points, zero interest on ATM cash withdrawals, and dynamic low APR. Any applicable fees are transparent and clearly explained. 5. Digital Banking: The Bank's modern technology stack delivers high-quality services across mobile, branch, internet banking, call centres, and relationship managers. 6. Social Good Banking: The Bank is financially inclusive with high asset quality. It has financed over 38 million customers, including 16 million lifestyle improvement loans, 15 million loans to 4.3 million women entrepreneurs, 6.5 million vehicle loans, 1 million sanitation loans, 1 million livelihood loans, 300,000 SME loans, and 100,000 home loans.
