Remittance Products In Banking
Remittance, the term has been derived from the word “remit” which means sending back. When people residing & working at another place used to transfer money to their family in hometown; it was referred as remittance.Remittance means transfer of money by one party to another through their bank account. Remittance products have evolved over the years from physical movement of instruments (Cheques, Drafts) to instant electronic transfer of fund (NEFT, RTGS,ECS).
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