Golomt Bank has opened a US dollar correspondent account with HDFC Bank–India’s largest private sector bank- creating a seamless channel for customers in Mongolia to send cross-border US dollar payments to India. This initiative enhances efficiency, reduces intermediary steps, and marks a significant milestone: the first-ever direct correspondent banking relationship between a Mongolian and an Indian commercial bank. The partnership is set to strengthen financial connectivity and foster closer economic ties between the two countries.
The new relationship will facilitate trade settlements, remittances, and investment flows between Mongolia and India, offering improved support for businesses and individuals engaged in cross-border activities.
Commenting on the collaboration, A. Odonbaatar, CEO of Golomt Bank, stated:
We are pleased to welcome another distinguished financial institution to our correspondent banking network. In line with our vision of becoming ‘Mongolia’s Global Benchmark Bank,’ we continue to expand our international presence and provide our clients with broader access to global financial markets.
Golomt Bank is facilitating over 35 percent of Mongolia’s total outbound U.S. dollar transactions by number and more than 45 percent by value. Partnering with 27 international financial institutions across Asia, Middle East, Europe, U.S. and the United Kingdom, the bank provides financial products and services in 15 currencies, delivering a world‑class customer experience aligned with global standards.
About HDFC
HDFC Bank Limited, India’s largest private-sector bank by assets, was established in 1994 and is headquartered in Mumbai. The bank operates more than 9,500 branches and 21,000 ATMs in over 4,100 cities and towns, with international branches in Singapore, Hong Kong, Bahrain & representative offices in UAE, London, and Nairobi. Also presence in GIFT City, an IFSC Banking Unit for international financial services.
As of March 31, 2025, it reported total assets of approximately USD 460 billion and provides services across retail banking, wholesale banking, treasury operations, and digital banking. Following its merger with HDFC Limited in July 2023, the bank expanded into housing finance and related financial services through subsidiaries such as HDFC Life, HDFC ERGO, and HDFC AMC. HDFC Bank is listed on the NSE and BSE in India and on the NYSE through ADRs.
More information is available at www.hdfc.bank.in
Mongolia’s Global Benchmark Bank