Mandiri partners with Indian bank for remittance operations

Tie-up between Mandiri and SBI Indonesian unit aimed to capitalise on numerous Indians working overseas.

Thomas Arifin, PT Bank Mandiri's director said Wednesday the bank was expanding its international remittance business by forming a partnership with the local subsidiary of State Bank of India.

He said there was enormous potential given the huge number of Indians working abroad in Asia.

"Through the partnership, remittances through Mandiri in rupee and US-dollar denominations are expected to reach $3 billion," Arifin said in a report in the Jakarta Globe. 

Trade between Indonesia and India over the last three years grew 35 percent annually and is expected to reach $15 billion this year.