With a view to facilitate the US-based NRIs, IndusInd Bank has launched an online remittance product named ‘Indus Fast Remit'.

The product will help the NRIs residing in US to send money back to India in a convenient manner by transferring the funds from any bank account in US to any bank account in India.

The service will be offered in association with The Bank of New York Mellon, which is the clearing partner for IndusInd Bank in the US.

IndusInd EVP and Transaction Banking Head Ramesh Ganesan said, "USA, along with the Middle-East, represents the top two regions with a large concentration of NRIs. We enjoy a sizeable share of India-bound remittances from the Middle-East, with over 25 partner banks and exchange houses. Having established ourselves in the Middle-East market, it was now imperative that we offered a similar valuable proposition to our NRI customers in the US."

Further Ganesan informed that IndusInd will extend the service free of cost to the remitters along with offering attractive exchange rates that will make sure that the customers receive the maximum benefit from the service.

In addition, he said that the bank will also offer the same service from other countries. "We will be offering a similar service from other geographies as well," he said.

Meanwhile the bank has recently entered into an agreement with credit rating agency, ICRA, under which the company will assign ratings to the bank's loans and its other exposures as per the RBI's new capital adequacy framework for Basel II.