Kochi: Muthoot FinCorp Ltd has tied up with IME India Pvt Ltd to expand its money remittance services between Indo Nepal Corridor. The remittance launch programme was held on 31st August 2022.
The NBFC have been assisting the Nepali community in India in remitting money through their existing partner – Prabhu Money Transfer Pvt Ltd. While the expanded services will be provided through banking partners IDFC First Bank, India and Global IME Bank Ltd., Nepal.
Nepali migrants can now transfer money instantly from 3600+ branches of Muthoot FinCorp Ltd, to their families in Nepal without opening any bank account in India.
It is estimated that about 15% of the total remittance received by Nepal is from India. Many Nepalese migrate to India every year for various occupations including seasonal migration, part time jobs and even governmental jobs. IME India has been into the Indo-Nepal remittance business since 2020 and reaching out to Nepalese migrant population spread across India. This facility is expected to benefit 5 million Nepalese migrants.