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TimesofMoney's Press Release Archive - Press Releases 2008
  • Sending gifts to India just got easier; and easy on the pocket for NRI’s with 'Gold Circle Privilege’ offers from Window2India.com : Window2India an exclusive one-stop shop portal for overseas NRIshas announced its new promo ‘Gold Circle Privileges’. This promo is specially designed for the year-end festive season of Christmas and New Year. This offer entitles the customer to avail discounts on each purchase with an array of gifts to choose from and the discounts keep increasing with subsequent purchases. NRIs can make their choice from a plethora of gifting products like gift vouchers from leading brands, photo gifts, Flowers, Jewelry, Handicrafts,Home & Lifestyle,Toys and games to name a few. Details of the offer: On the first gift purchase through Window2India, customer becomes entitled to a discount of Rs.100. This offer is valid till December 14,2008. On the second purchase a customer gets a discount of Rs.150 flat and the offer is valid from December 15—31st. Window2Indiahas designed a special shopping catalogue online, to provide the customers a wide range of gifts to select from. The customer can select the gifts from ‘Gift Store" which is customized for the festival season.This includes gadgets,Cakes n chocolates,Hanpers,Kids store,Diaries and calendars, gifts from Satya Paul to name a few.

  • TimesofMoney has launched DirecPay - a bank neutral payments aggregator service for merchants to facilitate online shopping and act as a single interface between customer, bank and the merchant. DirecPay supports credit cards, debit cards and net banking transactional capabilities across a spectrum of banks & credit cards. DirecPay has a tie up with over 20 banks for net banking and currently accepts Visa, Master and Diner’s club cards. DirecPay was in the news for tying up with Google adwords even before the officially launched their product to public.

  • Remit2India, World's No. 1 Independent Online Money Transfer Portal for NRIs announced another useful addition to its already existing repertoire. The website has now added bill payments to its list of offerings –BillPay2India. This facility is available to all US registered customers. The service allows NRIs across the globe to pay a wide range of utility bills across 28 cities in India. The payments can be made for towards landline & mobile service providers, electricity bills etc. In all, there are 55 service providers across the country, listed for the service. To make the process even simpler, Remit2India allows the NRI to choose the exact rupee amount that he wishes to make the payment for, irrespective of the currency that he is using.

  • MUMBAI: When the country weathered a balance of payment (BoP) crisis in 1991, it was in no small measure due to the contribution of the Indian diaspora. Remittances in 1991-92 rose by as high as 82% over the previous year, helping shore up foreign exchange reserves. And one-and-a-half decade later, with recession in developed markets and deceleration in capital flows, it is the same diaspora which has reposed its faith in the Indian economy. It is not just NRI deposits which are growing. Remittances from Indians working abroad are now on the rise, surprising senior policymakers who did not envisage this, when the global financial crisis started deepening further. In October alone, State Bank of India (SBI), which accounts for over 25% of inward remittances, has seen inflows rise 56% (year-on-year), according to a senior SBI official. ICICI Bank, the country’s largest private bank and which is reckoned to be a major player in this segment, has reported a growth of 38.2% during the second quarter of FY09 to Rs 11,946 crore ($2.5 billion) compared with a year ago. The bank expects to end the year with a 40% growth in business. Unlike NRI deposits that are repatriable, remittances are permanent one-time transfer by NRIs generally to their relatives back home. Reflected in private transfers in the balance of payments, this figure also includes donations and gold in the individual baggage, among others. Remittancescannot be repatriated by rule and are meant for use by families. But there is a provision for locals to gift up to $200,000 annually to relatives abroad. This facility is being increasingly utilised by NRIs and instead of using the money for family maintenance, a portion is used for investment purposes, a senior SBIofficial said. Though the spurt in remittances, reported by major players, is in line with the general trend in the previous quarter during which remittances rose by over 50%, what is discerning is that the tempo has been maintained despite the deepening of the financial crisis and a slowdown in the US and Europe. According to a recent RBIstudy, only 54% of the remittances by the Indian diaspora are used for family maintenance. The balance is used for parking in bank deposits, investment in land/property and shares, among others. In FY08, India received $42.6 billion by way of remittances (private transfers in the balance of payment), up by 47% over the previous year’s levels. And during April-June this year, remittances rose sharply. This growth momentum is expected to be maintained in the current year as well. "Usually, higher remittance inflows are seen during the festival season, but this year witnessed considerable rise in inward remittances in September and October. The strengthening of the US dollar against the rupee may also have accelerated the growth, with dollar-rupee rates moving by an average of 6-7% per month during these months," said Girish Nayak, head of global private clients (GPC) business and the NRIservices business, ICICI Bank. "The personal remittances segment is expected to grow at a faster pace due to a host of reasons: the US currency is at a high and is expected to remain at this level for at least 2-3 months. Indian banks are considered as much ‘safer’ to park money since the recent crisis, interest rates overseas are abysmally low. Coupled with this is the fact that RBI, too, had increased NRI deposit rates, making it more sensible to park money in India," says Avijit Nanda, president, TimesofMoney. In terms of destination, North America accounts for 44% of the inflows followed by Gulf countries (24%). Since the US has been the epicentre of the financial crisis, it is widely felt that remittances may slow down due to a fall in income generation.

2nd December,The Times of India,The Economic Times.com,Your Money

  • Mumbai, November 25, 2008: TimesofMoney, India's leading e-payments and remittance service provider has announced a tie up with Barclays, a world leader in financial services, to launch bank’s remittance service – ‘Barclays Online Money Transfer’ for its customers in UK. Barclays Online Money Transfer will enable the bank’s customers in the UK to transfer money online directly to any Barclays account anywhere in India. The services will be extended to other countries as well in the near future. With the availability of the latest technology from TimesofMoney for the "Barclays Online Money Transfer" remittance service, customers can now transfer their monies in a secure environment conveniently.. Avijit Nanda, President, TimesofMoney, "With Barclays Bank joining TimesofMoney as a banking partner, it will help us extend our offering to the customers enabling secure online payments. This marks yet another significant milestone for TimesofMoney not only in terms of acquiring a very important partner but also in expanding the reach of our online payment offerings to major corporations. With the extension of our white labeled solutions, our partners can conduct their business with a higher level of security and greater convenience."Speaking on the initiative, Samir Bhatia , Managing Director, India and Indian Ocean, Barclays Global Retail and Commercial Banking , said, "We are a global bank and are committed to provide a seamless banking experience to our customers in India. With presence in over 50 countries, our efforts converge towards providing services, whereby customers enjoy a distinct advantage in terms of mobility across geographies and the convenience of anywhere – anytime banking. Having partnered with TimesofMoney, who possess strong technology and risk management capabilities in the domain, we are now ready to offer convenient and secure remittance service to our customers and establish our presence in the segment"

  • Axis Bank, India's leading private sector bank, with a substantial NRI customer base, has tied up with TimesofMoney, India's number one non-bank e-payments service provider to launch AxisRemit, the Bank’s own branded online remittance service. With AxisRemit the Bank will provide high-speed online money transfer services for NRIs belonging to major geographies viz. USA, UK, Euro Zone (Euro Currency Area), Canada, Australia, Singapore, Hong Kong and UAE using TimesofMoney’s white-labeled state of the art remittance platform & know-how. TimesofMoney’s white-labeled 'hosted on demand' solutions will provide the technology platform for AxisRemit. The back-office functions relating to remittances would also be handled by TimesofMoney. This alliance integrates Axis Bank’s core strengths in NRI Banking and service delivery with TimesofMoney’s domain knowledge and technical expertise in cross border remittances, creating a smooth and satisfying remittance experience to NRIs situated across the globe. Speaking on the launch, Mr Hemant Kaul, Executive Director for Retail Banking, Axis Banksaid, "AxisRemit is the new online Remittance service from Axis Bank, representing a significant entry of the Bank into the fast growing remittance business. Under this service, NRI customers in USA, UK, Europe, Australia, Singapore, Hong Kong and UAE would be able to use AxisRemit to transfer money online from their local bank account to the receiver’s account anywhere in India. In recent years there has been a large-scale migration of NRIs to online remittance channels from traditional remittance routes and we intend to be a major player in this arena. The key strengths of AxisRemit will be our transparent pricing policy, superior customer service and faster Turn-Around-Time." Speaking on the initiative, Avijit Nanda, President, TimesofMoney, said, "We are proud to partner with Axis Bank to launch this very significant service for NRIs and be an enabler of the cross border flows that make India the world’s largest destination of inward remittances. With the extension of our white labeled solutions, our partners will be able to conduct their business with a high level of security and more convenience."


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  • Come Diwali, the festival of prosperity, Remit2India contributes to the festivities by offering an opportunity to its customers to transact and win gold worth 1 Lac. With every transaction a customer becomes eligible for a daily, weekly and monthly sweepstake prizes and gets a chance to participate and win of gold and gold gifts.

    A spokesperson from TimesofMoney , said "We, at TimesofMoney want to encourage and enhance the gifting spirit by making our customers eligible to win gold and gold gifts .Gold was selected as the prize as Indians traditionally have been investing in it and it is the best form investment under current market condition, and this can't be more true as of today."

    "Gold Rush" is truly a golden offer which makes all customers of Remit2India eligible to take home gold with every transaction throughout the promotion period 06th October to 31st October. It has a series of prizes ranging from a Bumper prize worth 1Lac to daily lucky draw of gold worth Rs 7000. Besides this, customers stand to win gold plated coins and gold vouchers from www.window2india.com, a gifting solution from TimesofMoney.

    Remit2India, the flagship brand of TimesofMoney, is the global one stop destination for money transfers for NRIs across the world. Remit2India.com was adjudged the "World's No. 1 Independent Online Money Transfer Portal for NRIs"by ACNielsen ORG Marg. Remit2India is also the winner of the Brand Leadership Award at the 17th Asia Brand Congress ,2008. With presence in over 23 countries, 6000 locations and 16000 Banks it serves lakhs of NRI customers. Remit2India is a noted success in the world of web-based money transfers. Its revolutionary remittance solution for the Indian Diaspora provides for an extensive global coverage,aggregates diverse payments and delivery modes and has the distinction of having the widest delivery network in India and round the clock customer support via e-mail, chat, SMS and a toll free help line.

  • MUMBAI: Remit2India, flagship brand of TimesofMoney and a market leader in online remittance solutions has won the coveted Brand Leadership Award in "Banking & Finance Category" category at the Asia Brand Congress 2008.

                             

    Receiving the award at 17th Asia Brand Congress (2008), held in Mumbai at Taj Lands End,Mr.Avijit Nanda, President, TimesofMoney said, "We are pleased to receive such a prestigious award. It is a testament to our efforts to continually innovate and advance best practices in our industry and around the world. The award is a tribute to our customers for having preferred us over others, the untiring efforts of our team members and the quality processes, robust technology and security systems that we offer."

    The Jury and Awards Committee conferred this award to Remit2India for a second consecutive year. The Brand Leadership Award recognizes organizations & brands that have attained the leadership position through its competitive edge, product Innovation, Brand Strategies, reliability, and performance.

    Thus, Brand Strategies, Transaction Processing, Continuous Quality Management and Product Innovation are the parameters, which were judged. This award was won in the face of stiff competition from leading brands. A quality offering such as this has the endorsement of 20 plus Indian banks that use this white label remittance solutions platform to offer their own Remittance Brands. This award provides recognition at an International Scale. The award is considered unique for this has meticulously defined and transparent selection criteria and is determined by highly elaborate and independent assessment process.

  • Remit2India, flagship brand of TimesofMoney and a market leader in online remittance solutions has won the coveted Brand Leadership Award in the Banking & Finance Category category at the Asia Brand Congress 2008.The Brand Remit2India stands for promise of trust and consistent quality through loyal and committed employees who make lasting customer relationships. Receiving the award at 17th Asia Brand Congress (2008), held in Mumbai at Taj Lands End, Avijit Nanda, President, TimesofMoney said, "We are pleased to receive such a prestigious award. It is a testament to our efforts to continually innovate and advance best practices in our industry and around the world. The award is a tribute to our customers for having preferred us over others, the untiring efforts of our team members and the quality processes, robust technology and security systems that we offer." The Jury and Awards Committee conferred this award to Remit2India for a second consecutive year. The Brand Leadership Award recognizes organizations & brands that have attained the leadership position through its competitive edge, product Innovation,Brand Strategies, reliability, and performance. Thus,Brand Strategies, Transaction Processing, Continuous Quality Management and Product Innovation are the parameters, which were judged. This award was won in the face of stiff competition from leading brands. A quality offering such as this has the endorsement of 20 plus Indian banks that use this white label remittance solutions platform to offer their own Remittance Brands. This award provides recognition at an International Scale. The award is considered unique for this has meticulously defined and transparent selection criteria and is determined by highly elaborate and independent assessment process. The service is seamlessly linked with over 16,000 banks in the USA and offers a tremendous amount of convenient, affordable with the latest security features such as Verisign. The website supports transfer of funds in just three working days along with end to end tracking of money.

  • Come Rakhsha Bandhan and it rains festive offers and celebrations galore for all customers. In keeping with the same spirit, Window2India has unveiled the exciting new offer, 'Rakhi Promo'. With this offering NRIs can make their sisters and loved ones back home feel special by picking up exclusive Rakhi gifts from a range of products like Imperial Rakhi Collection, Rakhi Mithai Trays, Chocolate Boxes & Gifts for them at Window2India.

    All a customer needs to do is select the gift and send. Rest assured the delivery of the consignment is taken care by Window2India

    "This promotion is our special greeting to every Window2India customer across the world. Sending Rakhi gifts to India cannot get any simpler," Commented the official spokesperson, Window2India.

    For more information, please log on to www.window2india.com

  • Mumbai, 12 Date, 2008: TimesofMoney, India's leading online remittance player, today launched a convenient remittance solution - MyExchange - for its US-based Non Resident Indian (NRI) customers. Using this facility, customers now have the choice of fixing the exchange rate for making a remittance to India. The remittance transaction goes through only if the rupee-dollar hits the exchange rate specified by the customer. With this offering NRIs can make remittances starting from USD1000

    Speaking on the occasion, Avijit Nanda, President, TimesofMoney, said, "At TimesofMoney it has been our constant endeavour to introduce product innovations which redefine the offering and provide convenience to our customers. We are proud to be the first mover in this space. We have now ventured into a space that has never been explored by any player in the remittances business thus raising the bar further. "

    This product does away with the need to check exchange rates multiple times before executing the actual transaction. It also protects the customer from the vagaries of exchange rate fluctuations. Transactions through our website are Verisign secured and offer the highest degree of online security.

    With this offering, when a customer books a transaction on Remit2India website, a debit instruction is sent to the clearing house. The clearing house uses these instructions to debit the customer's account in the US. The money then moves into the recipient-beneficiary's account in India. Remit2India provides beneficiary details to the bank. The beneficiary receives money through electronic fund transfer or a demand draft.

  • Mumbai, 2008 – TimesofMoney, a leading provider of ePayments and Remittance Solutions, today announced that it has achieved ISO 9001:2000 certification. This designation was awarded by DNV(Det Norske Veritas) for meeting the guidelines set out by the International Organization for Standardization. TimesofMoney was evaluated on its commitment to continuous quality management and improvement of its Transaction Processing and Customer Service.
    This certification recognizes TimesofMoney ’s commitment to quality assurance in on line money transfer. TimesofMoney is committed to total customer satisfaction by providing products and services on time with exceptional quality, reliability, and performance.
    The certification of compliance with ISO 9001:2000 recognizes that the policies, practices and procedures of TimesofMoney ensure consistent quality in the services for their clients. Currently TimesofMoney is the preferred partner for its Global Remittance Services for most of the leading Banks like Axis Bank, Citibank, Dena Bank, Deutsche Bank, HDFC Bank, IDBI, Indian Overseas Bank and host of others.

    About DNV DNV(Det Norske Veritas) world's leading international standards, testing, registration and certification organization, performed the rigorous audit to ensure TimesofMoney 's quality commitment and conformance to the ISO 9001 requirements.This ISO certification supports TimesofMoney's corporate objectives, while reinforcing a culture of excellence.
  • Philippines, Monday May 05, 2008 -- (Business Wire India) Remit2Home Celebrates this mother's day in a special way by giving an opportunity to its customers to extend love and cheer to their loved ones back home. In keeping with the same spirit, Remit2Home's latest Mother's day promotion reiterates the fact that when a customer sends money home, he is sending more cheer, love & warmth. With every successful transaction on Remit2Home a customer is entitled to receive a free call time of 50 minutes! This gives the Remit2Home customers enough reason to wish their mother and express their gratitude on this special occasion. This special promotion is running in the Philippines, Bangladesh and Sri Lanka corridor of Remit2Home. For more information on the Mother's Day promotion, kindly log on to www.remit2home.com About Remit2Home: Remit2Home.com is a division of the TimesofMoney, an enterprise of the Times Group, a leading financial services provider of India. TimesofMoney serves consumers in India and across the globe with a host of services like India Money Transfers, Global Money Transfers, NRI Services and Payment services and is a pioneer in the space of Virtual Payments. Remit2Home's primary business purpose is to serve a diaspora of ethnic communities across the globe in facilitating money transfers to their home country by offering the convenience of using new age access channels. The world's most pre-eminent financial services company having more than 200 years of corporate vintage and expertise in banking services provides the banking backbone for this service. Remit2Home proposes to become the largest global player in over 80 countries by offering online remittance and financial solutions to expatriates of diverse ethnicities.
  • Mumbai, Maharashtra, India, Monday, May 05, 2008 -- (Business Wire India) It's the mango season again. Come summer, it's a reason to smile for all mango lovers! In keeping with this sentiment, Window2India has unveiled an exciting new offer, 'Summer Special Offer'. With the Window2India summer offer, one can send Alphonso Mangoes - the choicest of the season - as a perfect gift for the entire family. These premium mangoes are specially packed and dispatched by courier, ensuring damage-free delivery. This comes at no extra shipping cost. Further, as a part of this offer, every customer wins a guaranteed travel voucher of Rs.1, 200/- with every transaction they make. All a customer needs to do is - select the special mango offer on window2india.com and submit the mandatory details including the beneficiary details. At the end of the transaction, he gets a gift voucher worth Rs.1, 200/-. The offer is valid for a limited period and ends on 10th May 2008. For more information, please log on to www.window2india.com About Window2India Window2India - Your home away from home comes from the TimesofMoney stable. The service is positioned to be a symbolic window to India, building a virtual bond for NRIs and helps them relate to their loved ones both emotionally as well as socially- all in a single 'window'. The service is a comprehensive web portal with exclusive NRI content, a facility for NRIs to send gifts to their loved ones or simply shop online. Window2India also provides exclusive healthcare packages and showcases top property projects from leading builders across the country. Window2India is envisioned to be the one stop community portal for overseas Indians, offering photo- sharing and prints, content and a social networking platform.
  • TimesofMoney and Barclays launch India's First Entertainment Credit Card Mumbai, April 18th, 2008: TimesofMoney, a Times Group Company, announced the launch of India's First Entertainment Co Branded Credit Card. Envisioned to be an aspirational credit card for the high spenders 'Times Card' offers its members innumerable exciting opportunities to redefine their lifestyle across entertainment, dining, shopping, travel, body and beauty. Times Card will be the first of its kind in India to customize a credit card comprehensively packaged, tailored to lifestyle fancies. It will also offer privileged invitations to high profile Times events such as the Femina Miss India, Filmfare Awards, blockbuster movie premieres, rocking live concerts, celebrity parties and a whole new experience of entertainment. With the growing Indian economy, there has been a considerable growth in lifestyle and the luxury spends from today's high-end spenders. Times Card is weaved along the 5 C's of Convenience, Comfort, Care, Cohesive and Comprehensive. The spending patterns of Indian consumers have changed, while the 'Regular spends' are growing considerably, their 'Lifestyle spends' are expanding rapidly. The rise in disposable incomes, increasing number of dual income nuclear families and changing attitude towards consumption are good positive indications for the growth of the entertainment and lifestyle sector. Speaking on the occasion, Vineet Jain, MD, Times Group said, "This strategic partnership with Barclays, one of the world's largest credit card issuers, gives us the perfect platform to create a new benchmark in the credit card industry. Times Card gives us an opportunity to add value to our relationship with our customers by expanding our service offerings to them. We are sure that this strategic partnership will herald a new chapter in the banking and credit card business." Avijit Nanda, President, TimesofMoney, commented, "We are extremely buoyant about this strategic partnership with Barclays Bank. With 'Times Card' the biggest winner would be the card holder. This card will strive to go beyond what's expected from a credit card and introduce him to a whole new world of entertainment. The exclusive offers that form an integral part of the card create a value that is truly more than the expectations of our customers. Samir Bhatia, Managing Director, India and Indian Ocean, Barclays GRCB said, "At Barclays, customers are our top priority and the key to our offering lies in understanding their needs and developing propositions that are meaningful and rewarding. Times Group, with its experience and leadership in the entertainment space, is the perfect partner to create a great customer offering. This unique card goes with our philosophy of transparency and simplicity of use. It gives customers the power to control their finances and choose their rewards." For more information, please visit - www.timescard.com or www.barclaycard.in.