Central Bank launches CentFast2India for e-transfer of funds

Public sector lender Central Bank of India has launched a channel CentFast2India for remitting funds online from the United States to India.

"This facility offers a hassle-free funds transfer by remitters in the United States to beneficiaries in India through Internet banking," Central Bank's Chairman and Manging Director S Sridhar told reporters here.

"It gives freedom to the remitter in the United States to remit money at his convenience from any bank account anywhere in the US to any account in India," Sridhar said.

To start with, the maximum amount per remittance has been restricted at $5,000.

Overseas Indian remittances were estimated to be around $55 billion by FY'10 and is expected to touch $100 billion by 2014, he said.
Sridhar said the bank would focus more on the retail sector this fiscal by launching new products.

"Our focus was on the corporate sector last fiscal. This year we will focus on retail. We expect to increase our retail growth to 25 per cent in FY'11 from 20 per cent last fiscal," he said.