Muthoot Finance starts money transfer service between India and Nepal
KOCHI: Muthoot FinanceBSE -0.69 % Ltd., the flagship company of Muthoot Group has launched money remittance services between India and Nepal. It has collaborated with the Indian arm of Nepal based Prabhu Bank Ltd.
"The Nepali workforce will have a simpler way of transferring money to their families and friends from India," said Muthoot Finance managing director George Alexander Muthoot. Nepali migrants can now transfer money from a minimum of Rs 200 from any of the 4200 branches of Muthoot Finance to their families without opening a bank account in India.
"The facility is expected to benefit four million migrants living mostly in cities like Delhi, Mumbai, Kolkata and Bengluru and in the states of Punjab and Uttar Pradesh," he added. Prabhu Bank Ltd., a leading bank in Nepal with 112 branches and 7000 outlets will facilitate the process of money transfer.
With this facility, Muthoot Finance claims to be the first NBFC company to extend money transfer services from India to another country.