Muthoot FinCorp Ltd has tied up with IME India Pvt Ltd (erstwhile IME Forex India) to expand its money remittance services between Indo-Nepal corridor.
Muthoot FinCorp has been assisting the Nepali community in India in remitting money through their existing partner – Prabhu Money Transfer Pvt Ltd.
The new tie up with IME India, Muthoot FinCorp will be able to serve a larger mass of Nepalese diaspora living in India and is looking forward to creating a larger ecosystem with quick and reliable service.
Nepali migrants can now transfer money instantly from 3,600-plus branches of Muthoot FinCorp to their families in Nepal without opening any bank account in India.
IDFC First Bank, India and Global IME Bank Ltd., Nepal are the banking partners to facilitate Indo-Nepal remittance service.
It is estimated that about 15 per cent of the total remittance received by Nepal is from India. 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.
Shaji Varghese, CEO, Muthoot FinCorp Ltd said, “This is an extended step to serve the Nepali community living and earning in India virtually at their doorstep through our 3600+ branches”
Goutam Naithani, CEO IME India Pvt Ltd added, “Joining hands with Muthoot FinCorp will certainly add another milestone in Indo-Nepal remittance services where customers can benefit from the widespread network of both the companies”.