02 October Monday

Muthoot FinCorp Ltd tie up with IME India Pvt. Ltd. for money transfer service to Nepal

Web Desk‌Updated: Thursday Sep 1, 2022

KOCHI , 31th August, 2022: Muthoot FinCorp Ltd, the flagship company of Muthoot Pappachan Group (also known as Muthoot Blue), has tied up with IME India Pvt Ltd (Erstwhile IME Forex India Private Limited) to expand its money remittance services between Indo Nepal Corridor. Muthoot FinCorp is one of India’s leading NBFCs to extend the money transfer services from India to Nepal and have 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 Pvt Ltd, Muthoot FinCorp Limited 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 3600+ branches of Muthoot FinCorp Ltd, 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.

Especially for Nepal, remittance inflows have spiked from 2002 and currently inward remittance contributes to about 23% of the national GDP of Nepal. 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.

The remittance launch program held on 31st August 2022 was attended by Mr. Thomas John Muthoot, CMD - Muthoot FinCorp Ltd, Mr. Shaji Varghese, CEO - Muthoot FinCorp Ltd, and Mr. Goutam Naithani, CEO IME India Pvt. Ltd. Along with other senior officials from both the companies.

Speaking on the occasion, Mr. 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”

Mr. Goutam Naithani, CEO IME India Pvt Ltd added that, “Joining hands with Muthoot FinCorp Ltd. will certainly add another milestone in Indo-Nepal remittance services where customers can benefit from the widespread network of both the companies. The partnership will provide a reliable and secured platform for transferring their hard earned money back home to families in Nepal.”