PNB, partners to launch prepaid remittance card

State-run Punjab National Bank, Xpress Money and UAE Exchange has launched a prepaid remittance card – PNB Xpress Money Remit Card – offering multiple benefits. The card features unique combination offering multiple benefits which includes receiving overseas remittance without opening a Savings Bank account, K R Kamath, PNB’s chairman and managing Director said during the launch function. The risk of carrying cash is totally avoided, he said, adding the card can receive a maximum of 30 remittance in a year, he said. Sudhesh Giriyan, Head, Xpress Money said the product would help to empower the NRIs with a safer, more cost effective way of sending money to their relatives in India.

This would help in increasing the convenience levels of customers who would be able to enjoy multiple benefits such as money transfer, ATM withdrawl’s and enjoy the convenience of a debit card while shopping from one single product. Describing it as a product of future,Y Sudhir Kumar Shetty, Chief Operating Officer (COO), Global operations, UAE Exchange, said the card could be used among others by students and overseas patients who come to India for treatment.