March 15: Muthoot Finance Ltd, the flagship company of Muthoot Group, has tied up with Global IME Bank to expand its money remittance services between Indo-Nepal corridor. Muthoot Finance is the only NBFC to extend the money transfer services from India to Nepal.
In fiscal 2016, 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 7000 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 4600 branches of Muthoot Finance to their families in Nepal without opening any bank account in India.
In 2017, close to Rs 7000 crore was remitted by the migrants to their families back home from India. This facility is expected to benefit 5 million migrants, which are prominent in business cities of India like Delhi, Mumbai, Kolkata and Bangalore and also in the states of Punjab and Uttar Pradesh.
According to George Alexander Muthoot, Managing Director, Muthoot Finance Ltd, “Our 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.”
Subash Tamang, Head-Business Development, IME Ltd said, “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.”
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.