IndusInd Bank, the private sector bank tied up with Western Union Business Solutions in order to provide effective foreign exchange payments for SMEs or small and medium enterprises in India.
IndusInd Bank additionally signed two Western Union’s licensed agents as their referral agents in order to help marketing of these services in India. This service will go live in 22 cities of India and its aim is to provide doorstep service to its clients.
Small as well as mid-sized enterprises play a crucial role for the economy of India. There are around 30 million Indian SMEs which contribute significantly to the GDP of India. The tie up will help these SMEs in getting access to the foreign exchange products. Also, the tie up will allow the SMEs in increasing the efficiency as well as ease with which these companies trade with the global partners.