Muthoot Finance Ltd, the flagship company of Muthoot Group launched money remittance services between Indo Nepal Corridor. For this initiative Muthoot Finance has collaborated with the Nepal based Prabhu Bank Ltd’s Indian arm Prabhu Money Transfer Pvt Ltd.
With this, Muthoot Finance becomes the first NBFC company to extend the money transfer services from India to another country.
With a very minimal amount of Rs 200, a Nepali migrant can now transfer money instantly from any of the 4200 branches of Muthoot Finance to their families in Nepal without opening any bank account in India.
This facility is expected to benefit 4 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.
Prabhu Bank Ltd, a leading bank through its 112 branches and 7000 outlets in Nepal, will facilitate the smooth process of money transfer instantly.
Speaking at the occasion, Mr. George Alexander Muthoot, Managing Director, Muthoot Finance Ltd said, “It is yet another feather on the cap of Muthoot Group which is always extending the need based services to the people. Through this initiative, the Nepali workforce will have a simpler way of transferring money to their families and friends.”