ICICI Bank, Lanka's Sampath Bank launch fund transfer service

Money2SriLanka (M2SL) to facilitate the sending of remittances from various geographies to beneficiaries in Sri Lanka in a convenient and economical manner

PTI | May 12, 2011



India's largest private lender ICICI Bank has tied up with Colombo-based Sampath Bank PLC to launch an online cross-border money transfer facility between the two countries.

Money2SriLanka (M2SL) is a web-based online platform which facilitates the sending of remittances from various geographies to beneficiaries in Sri Lanka in a convenient and economical manner, ICICI Bank said.

"We remain committed to extend expertise in the cross border payments business and the online tracking service for money transfers is the first step towards creating a remittance platform for Sri Lanka," an ICICI spokesperson said in a statement here.

The remittance received through M2SL is available for account holders of ICICI Bank Sri Lanka and Sampath Bank instantly on the day of receipt of funds and the remittances received on behalf of account holders of other banks in the island nation.

It will be then disbursed via Sri Lanka Interbank Payment System (SLIPS) with the same day value, subject to cut off timings for processing of the payments.

The service will be soon piloted in Canada and the UK and will shortly be rolled out in Australia, the US, South East Asia and the Euro Zone in the second phase.
 

Comments

 

Other News

How Rafi, Raj Kapoor helped pave the way for a great uranium deal

There`s a certain moment in diplomacy that`s too personal to be captured in a communiqué, too small to make the front page, but more revealing than the front page. This week, prime minister Narendra Modi reached Tashkent and, amid the pomp of state visits, managed to evoke the old Bollywood tunes

Distinguishing Fish 1 and Fish 2: The pragmatism behind India’s WTO ratification

 India became the 123rd WTO member to ratify the multilateral Agreement on Fisheries subsidies (AoFS) when it deposited the Instrument of Acceptance for Phase 1 on July 20, 2026. The ratification is restricted to disciplining Illegal, Unreported and Unregulated fishing (IUU), protection for overfished

The 7% growth problem: Why the next 7% will be harder

India has become accustomed to hearing the 7% growth number. It is now less a milestone than an expectation. Yet the paradox is becoming clearer: maintaining 7% growth may be considerably harder than achieving it once. India’s real GDP grew 7.7% in FY2025–26, following growth of 6.5% in FY202

The Constitution cannot be altered: Justice Abhay Oka

Justice Abhay Oka, who retired from the Supreme Court in May 2025, has said that the Constitution of India cannot be altered. Explaining the landmark Kesavananda Bharati judgment (1973) on the basic structure of the Constitution, he said, “This is one judgment that has saved democracy in India.&rdq

How the flora and fauna evolved in the Indian subcontinent

Mammals of India  By A.J.T. Johnsingh and P.O. Nameer HarperCollins India in association with Bombay Natural History Society  

India`s renewable race is moving beyond megawatts

When Shell bought Sprng Energy in 2022, India`s renewable energy market appeared to offer precisely what global energy majors were seeking: scale, growth and a place in one of the world`s largest energy transitions. Four years later, Shell is selling the same business to Aditya Birla Group for an enterpris

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter