Correct Answer : Option (B) - HDFC Bank
HDFC Bank Limited, India’s largest private-sector bank, announced 21st Nov 2022 that it has partnered with Flywire Corporation, a global payments enablement and software company, to enable Indian payers to pay international education fees to higher education institutions all over the world in a seamless and digital manner.
* The integration simplifies the process of making high-value tuition payments for students and families while also assisting them in meeting LRS standards.
* HDFC Bank works directly with Flywire’s platform, giving Indian students a fully digital checkout experience for everything from application fees to tuition payments.
* Students can pay in Indian rupees and enjoy a safe and simple payment experience, with the confidence that the funds will be delivered to the educational institution.
* Similarly, institutions accepting payments through Flywire benefit from timely payments in local currency as well as full transparency into transaction history, which simplifies reconciliation processes and streamlines operational efficiencies.
* As the demand for international higher education experiences remains high, Indian students are becoming an increasingly essential group from which to recruit.
* According to the 2022 Open Doors Report, approximately 200,000 Indian students studied in the United States during the academic year 2021-2022, a 19 per cent increase over the previous year.
* According to another ICEF report, the Indian outbound student population will expand to a broader range of host countries and more than double over the
next few years, reaching 1.8 million students by 2024..
Source : BFSI