GI Tech launches money transfer service for Nepalese in India

Payment solutions provider GI Technology today inked deal with Prabhu Money transfer services and RBL Bank to provide remittance services for Nepalese people settled in India.
GI technology is the first non-banking institution to facilitate remittance transactions to Nepal using its retail network, the Chennai-based company said in a statement.
Under the partnership, Prabhu Money transfer would be the channel and support remittances through GI Technology's 90,000 agent locations across the country.
At present, around 5 million Nepalese people reside in India and the remittances made by them have been increasing every year.
"Since 2007, remittances made by Nepalese have been increasing 15 per cent CAGR. In 2012-13, Nepali migrants in India remitted approximately USD 396.85 million...," GI Technology MD Ramu Ramsamy said.

"At present 8.5 per cent of total remittances from India are processed through banking channel, as compared to 80 per cent of remittances, which are either carried by Nepali migrants when they return home or sent through their friends," he said.