Muthoot Finance Ltd, the flagship company of Muthoot Group and the only NBFC to extend the money transfer services from India to Nepal tied up with IME Ltd to expand its money remittance services between Indo Nepal Corridor.
Ratnakar Bank Limited, India and Global IME Bank, Nepal are the banking partners to facilitate Indo-Nepal remittance service.
With a very minimal amount of Rs200, a Nepali migrant can now transfer money instantly from any of the 4,600 branches of Muthoot Finance to their families in Nepal without opening any bank account in India. IME through its 160 franchise locations and more than 7,000 outlets in Nepal will process the money transfer instantly.
The remittance launch program held in Kochi was attended by George Alexander Muthoot, Managing Director, Muthoot Finance, K.R. Bijimon, Chief General Manager, Muthoot Finance, Goutam Naithani, In-Country Business Consultant, IME Ltd., Subash Tamang, Head-Business Development, IME Ltd, Jayadeep Menon, Senior Manager, Muthoot Finance and other senior officials from both the companies.
Speaking at the occasion, George Alexander said, “Our both partnerships will open vast network of more than 12,000 payout outlets in Nepal, thereby providing utmost ease and comfort to friends and family in receiving the money.”
In 2017, approximately Rs70 billion was remitted by migrants in India to their families in Nepal. This facility is said to benefit 5 million Nepali workers in Delhi, Mumbai, Kolkata and Bangalore and also in the states of Punjab and Uttar Pradesh.