Global IME, Indian bank IDBI join hands; MoU to facilitate India-Nepal remittance services

ShareSansar, October 12:

Global IME Bank Ltd has signed a memorandum of understanding (MoU) with an Indian bank IDBI Bank today.

Global IME Bank’s CEO Ratnaraj Bajracharya and IDBI Bank’s Chief Manager Officer Medha Vinay Joshi jointly signed the MoU amid a ceremony held at capital today.
 
 According to the bank, the MoU will facilitate to channelize the money to Nepal from the Nepali migrant workers in India.

“In a bid to address the plight of workers with giving access to easy money transfer mechanism, we felt it an absolute necessity to try to give Nepalese the money transfer facility through banking channel,” Global IME Bank’s CEO Bajracharya said, adding, “we have considered execution of Indo-Nepal remittance services for the benefit of specially the migrant workers in Indian an opportunity in waiting.”

According to the bank’s statement, remittance can be sent from 1068 branch offices of IDBI Bank in India while the money can be received from any of the 84 branches of Global IME Bank and over 2500 outlets of IME agents network on real-time basis.

The MoU between the two banks for the remittance services is expected to make the transfer of money of the Nepali workers more convenient against the backdrop of Nepali workers facing hassles and hardship in India to transfer their hard-earned money to Nepal.

It is estimated that India hosts around five million Nepali workers. Remittance companies have been facing restriction in India to provide their services.
The restriction of Nepali remittance companies in India to operate has promoted the use of informal channel among the Nepali workers to send their money to Nepal.

According to the data of Nepal Rastra Bank, Nepal had received Rs 40.23 arba remittance from India in fiscal year 2012/13 while the amount stood at Rs 48.03 billion in the first 11 months of 2013/14.