Muthoot Finance Ltd., the flagship company of Muthoot Group on Thursday tied up with Global IME Bank to expand its money remittance services between Indo Nepal Corridor.
Muthoot Finance is the only Non-Banking Financial Company (NBFC) to extend the money transfer services from India to Nepal.
In FY16, Muthoot Finance had collaborated with Nepal based Prabhu Bank for money transfer business wherein the company completed 2.2 lakh transactions worth Rs. 469 crore.
With Global IME Bank, this is the company's second tie-up in the region.
Global IME Bank through its 193 branches and more than 7,000 pay out centers in Nepal will facilitate the smooth process of money transfer instantly.
With a very minimal amount of Rs. 200, 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.
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RBL Bank, India and Global IME Bank Ltd., Nepal are the banking partners to facilitate Indo-Nepal remittance service.
In 2017, approximately Rs. 7000 crore was remitted by the migrants to their families back home from India.
This facility is expected to benefit five million migrants, which are prominent in business cities of India like Delhi, Mumbai, Kolkata and Bengaluru and also in the states of Punjab and Uttar Pradesh.
The remittance launch program was held in Kochi and 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.
"We are very excited to expand our reach in providing need based services to the people. 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," said managing director, Muthoot Finance Ltd., George Alexander Muthoot.
"Joining hands with Muthoot Finance will certainly add another milestone in Indo-Nepal remittance services where customers can benefit from wide spread network of both the companies. The partnership will provide reliable and secured platform for transferring their hard earned money back home to families in Nepal," said head - business development, IME Ltd., Subash Tamang.