 "GI Technology partners Prabhu Money, RBL Bank for Indo-Nepal remittances")
GI Technology, a payment solution company, today announced a strategic partnership with Prabhu Money Transfer and RBL Bank to offer Indo-Nepal remittance services for Nepali diaspora settled in India.
A Nepali migrant can now walk into any of GI Technology’s network partners including The Smart Shop outlets to instantly remit money back home in Nepal.
India has witnessed significant migration from Eastern, Western and Central regions of Nepal, especially to key Indian cities namely Chennai, Mumbai, Delhi, Hyderabad, Surat, and Ahmedabad. The other key regions for Nepali migrants are Northern Indian states like Himachal Pradesh, Uttaranchal, Punjab, and Haryana.
It is estimated that 5 million Nepalese have migrated to India to earn their livelihood. In 2012-13, Nepali migrants in India remitted approximately $396.85 million to support their families.
Since 2007, the remittances to Nepal have grown at CAGR of approximately 15%. With increasing migration and growth prospects in India, the remittances are estimated to rise at a steady pace.
Ramu Ramsamy, managing director, GI Technology said that at present only 8.5% of the total remittances from India are processed through the banking channel. 80% of remittances are either carried by Nepali migrants when they return home or sent through friends.