Latest news with #INR-denominated
Time of India
25-06-2025
- Business
- Time of India
IDFC FIRST Bank Enables UPI for NRIs in 12 Countries Using International Numbers
Mumbai: In a move to ease digital transactions for overseas Indians, IDFC FIRST Bank has enabled its NRI customers in 12 countries to make UPI payments using their international mobile numbers. The feature, launched on Tuesday, allows real-time, INR-denominated payments directly from NRE or NRO accounts through the bank's mobile app or any UPI-enabled platform, without the need for an Indian SIM card or incurring transaction fees. The facility is available to IDFC FIRST Bank customers residing in Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK, and the US. NRIs can send and receive money using UPI IDs, QR codes, or mobile numbers, making everyday financial transactions like bill payments and fund transfers quicker and more convenient. 'This service empowers our NRI customers to transact in India with the same ease as domestic users,' said Ashish Singh, head – retail liabilities at IDFC FIRST Bank. 'Our aim is to simplify banking, regardless of geography.' This development comes after the National Payments Corporation of India (NPCI) issued a circular in Jan 2023 allowing UPI access for NRIs using international mobile numbers. Member banks were mandated to implement the feature by Apr 30, 2023. Initially, the facility was permitted in 10 countries including the US, UK, Singapore, and UAE, later expanding to include others like France and Malaysia. T he accounts used must be KYC-compliant, and all transactions must follow RBI and FEMA regulations. Banks are also responsible for conducting anti-money laundering and compliance checks. With this move, IDFC FIRST Bank joins other major banks like ICICI Bank, HDFC Bank, Axis Bank, and Federal Bank in rolling out UPI access for NRIs. The facility eliminates the need for NRIs to retain an Indian mobile number, significantly lowering the cost and complexity of managing finances from abroad. This initiative is part of the bank's broader digital-first approach, which has helped it grow its customer base to 35.5 million. The bank's mobile app, which ranks among the top globally for customer experience, plays a key role in delivering secure, seamless digital banking services to users worldwide. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
25-06-2025
- Business
- Time of India
UPI with international number? SIM cards from these 12 countries can now be used for UPI by IDFC First Bank customers free of cost
Details of new NRI UPI payments feature launched by IDFC Bank Non-Resident Indian (NRI) customers of the bank can now make UPI payments using their international mobile numbers. NRIs can now make instant UPI payments from their NRE or NRO accounts using IDFC FIRST Bank's mobile app, without incurring any charges. Plus, customers have the option to link their bank accounts to other UPI-enabled apps. This facility is available to all NRI customers of the Bank from 12 countries: Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, the UAE, the UK, and the USA - for INR-denominated transactions within India. Academy Empower your mind, elevate your skills No Indian SIM Required: Use your international mobile number linked with NRE/NRO account Use your international mobile number linked with NRE/NRO account Instant Transactions: Send & receive money or pay bills using QR codes/ UPI IDs/ mobile number Send & receive money or pay bills using QR codes/ UPI IDs/ mobile number Zero Transaction Fees: Enjoy UPI payments without incurring any charges. Enjoy UPI payments without incurring any charges. Secure and Reliable: Enjoy the same level of security standards as domestic UPI How can IDFC First Bank customers use UPI with international mobile numbers? Step 1: Login to IDFC FIRST Bank app and click 'PAY' Login to IDFC FIRST Bank app and click 'PAY' Step 2: Link Bank Account Link Bank Account Step 3: Create UPI ID to start making payment. Non-resident Indians (NRI) customers of IDFC First Bank can now use the unified payment interface UPI ) to make payments in India using their international mobile numbers. This service is free and available to all NRE and NRO bank account holders of the bank from 12 countries: Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, United Arab Emirates (UAE), United Kingdom, and United States of America (USA).In a press release dated June 25, 2025, the bank announced that their NRE/ NRO customers can link their bank accounts with any UPI enabled apps ( PhonePe Google Pay , Paytm, etc) using their international mobile numbers. For example, if you are living in say Dubai, United Arab Emirates (UAE) and have say an Etisalat or Du mobile SIM, then you can use Google Pay to pay in India, provided yo u have an IDFC First Bank NRE or NRO bank below to know the the press release IDFC First Bank said:The bank said in the press release: 'The NRI customers can now send and receive money instantly using QR codes, UPI IDs, or mobile numbers. This allows the Bank to empower its NRI customers to manage their finances with the same ease and security as domestic customers.'The bank also outlined the key benefits of this new feature:Ashish Singh, Head Retail Liabilities, IDFC First Bank says: " Our vision has always been to simplify and enhance banking, making it accessible no matter where our customers are located. The launch of UPI services on international mobile numbers is a testament to our commitment to innovation, and catering to the unique needs of the NRI diaspora"IDFC First Bank said in the press release that NRIs can use the UPI facility even while being abroad, provided the payments are for transactions within India. Such transactions do not attract any foreign exchange are the Steps
Time of India
23-04-2025
- Business
- Time of India
ETMarkets NRI talk: US-China trade tensions could reshape global portfolios—NRIs must rethink strategy, says Quest CEO
As trade tensions between the US and China escalate, the global investment landscape is undergoing a profound shift—one that calls for a strategic rethink, especially for Non-Resident Indians ( NRIs ). In an exclusive interaction with ETMarkets NRI Talk, Rajkumar Singal, CEO of Quest Investment Advisors, highlights how tariff wars , supply chain realignments, and geopolitical uncertainties are creating both risks and tactical opportunities across asset classes. From rebalancing global equity exposure to increasing allocations in INR-denominated assets, and capitalizing on India's rise as a manufacturing alternative, Singal outlines a pragmatic roadmap for NRIs looking to navigate volatility and align portfolios with long-term goals. Edited Excerpts - Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Thanks for taking the time out. How might escalating trade tensions between major economies like the US and China affect the global investment landscape for NRIs? Escalating trade tensions between major economies like the US and China have far-reaching implications that ripple across asset classes and geographies. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo While the immediate aim of tariffs and trade barriers may be to correct imbalances or protect domestic industries, the unintended consequences are often broader and more damaging. Firstly, inflation and demand destruction become key risks. Tariffs raise the cost of imported goods, which leads to higher prices for consumers. Secondly, we are witnessing disruptions in global supply chains as companies scramble to diversify away from overdependence on China. This reconfiguration adds costs, delays, and complexities Live Events The combined effect of these forces—higher costs, slower consumption, and uncertain supply—raises the risk of a global economic slowdown or even recession. We've already seen a synchronized sell-off across asset classes: global equities have corrected, US and Japanese bond yields have risen (pushing prices down), and even the US dollar, typically a safe haven, has weakened due to changing expectations on monetary policy. For NRIs, this environment increases volatility across traditional portfolios. However, it also creates tactical opportunities: In the wake of a tariff war, should NRIs consider reallocating part of their portfolio from global equities to safer fixed-income instruments or gold? The short answer is: not necessarily a wholesale shift, but thoughtful rebalancing makes sense. A tariff war typically introduces uncertainty—slower global growth, supply chain dislocations, and inflationary pressures. These dynamics increase volatility across equity markets, especially those exposed to global trade like the US, China, and Europe. For NRIs, this raises a valid question about preserving capital and managing risk. Here's how we think about it. First rebalancing, not retreat, this may be a good time to trim overweight positions in vulnerable sectors or geographies (like export-heavy manufacturing or US tech with China exposure) and reallocate toward more defensive assets. Secondly fixed-income as a stability anchor so high-quality fixed-income instruments—especially short-duration or inflation-protected ones, or buying long dated stuff where we have more clarity on monetary easing—can provide diversification to the portfolio. Thirdly, treat gold as a hedge, not a core, gold can play a role as a geopolitical and inflation hedge, but it's not a cash-flow-generating asset. A small allocation (5–10%) helps diversify the portfolio, especially when both equities and bonds are under pressure. What kind of geographical diversification strategies should NRIs adopt to hedge against the volatility caused by trade wars? In an increasingly fragmented and protectionist world, NRIs should think beyond just global diversification and focus on the right kind of diversification, especially one that aligns with long-term currency exposure and real-world liabilities. Most global portfolios today are overweight the U.S.—both in currency (USD) and geography (US equities and fixed income). That trade is crowded. With rising fiscal imbalances, a stretched dollar, and growing geopolitical risks, this overexposure may no longer offer the same safety net it once did. Here's what makes sense now: Shift some allocation to Home-Currency Assets If your financial goals are India-linked—whether family support, eventual relocation, or retirement—it makes sense to allocate more to INR-denominated assets, including Indian equities and fixed income. This reduces FX risk and increases alignment with your life's cash flows. Balance Dollar Exposure with Asia & EM Allocation, besides India, consider a broader Asia and EM allocation, which tend to benefit from trade re-routing (China+1, manufacturing shifts) and offer growth with less direct vulnerability to US-China tensions. Look for domestic demand stories, favor geographies and sectors driven by internal consumption, not just exports. These economies tend to be more resilient during global trade disruptions Could India benefit as a manufacturing alternative amid US-China trade tensions, and how can NRIs capitalize on this shift? India stands to gain significantly from the China + 1 strategy, as global firms diversify supply chains away from China due to rising costs, geopolitical tensions, and over-dependence concerns. We are already seeing a bit of that in the case of Apple's iPhone production. From nowhere a couple of years back we have already reached $22 bn in FY 2025 and of these $17 bn were for exports. So global majors like Apple, Foxconn, and Samsung are expanding in India. Other sectors which can benefit include Pharmaceuticals & APIs where China dominates API supply; India is reviving its bulk drug parks to reduce import dependence, Textiles & Apparel where rising Chinese labor costs and factory shutdowns are making India attractive. Finally, Chemicals & Specialty Chemicals where many global players are moving production of intermediates to India due to stricter environmental norms in China What role do international investment opportunities play in the portfolios of Indian HNIs, and how are wealth managers facilitating access to these markets? A) Indians have been able to access international opportunities under the LRS scheme. Amount remitted out for equity/debt investment have gone from USD 400-600 mn in earlier periods to USD 1.2-1.5 bn in FY23 and FY24 respectively. Large part of that is going to US markets and off late some to Chinese markets. Largely, I think this is going through regular international banking channels like HSBC but there are quite a few platforms like Interactive Brokers, Vested, Groww etc. which are also facilitating the access to these markets. I think it's still early stages and limited to very ultra-high net worth individuals who are doing such kind of investments How is the increasing wealth in Tier 2 and Tier 3 cities influencing your firm's client acquisition and service strategies? We are quite bullish about Tier 2 and Tier 3 opportunities as we believe there is large untapped market out there. Most of these investors are already investing through traditional mutual fund route but are very interested in tapping bespoke and concentrated portfolio management strategies as well. Our pitch is that we are offering professional management services for your direct equity portfolio. Are wealth managers recommending any specific asset classes or geographies as a hedge against trade-related global market turbulence? A) If you observe generally recommendations have a recency bias so I am assuming investments in gold ETF will be one such in recent times. But please note that this is the 3rd consecutive year for gold where it's showing 20% plus return in INR. I like gold as a diversification strategy but I will be cautious putting more capital to work going forward If someone plans to invest $10,000 in India – what should be the ideal asset allocation strategy for the next 3-5 years? For a 3-5 year view clearly I prefer equity as an asset class and in that either I will allocate it to a more active funds or if it needs to more passive then split that into large cap and mid/small cap.
