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The 'One World' money transfer scheme will allow Indians to open bank accounts in the UAE even before they arrive, to transfer their credit history from India as well as help with their credit card and mortgages, Manasije Mishra, head of NRI services for HSBC India said on Tuesday.
Indians living in the UAE can also transfer money to their HSBC accounts in India free of charge using cheques or the Internet to about 1,000 branches of other Indian banks that are linked electronically, Mishra said.
India, Asia's fourth largest economy, is the world's largest receiver of remittances, approximately $23 billion a year. Some 35 per cent of that or about $8 billion originates from the Middle East.
About 1.2 million Indians live in the UAE, the country's largest community, and about 3.5 million overall in the Middle East.