Mahalaxmi Bikas Bank Pioneers International Payments Pact with NCHL

Mahalaxmi Bikas Bank Limited (MLBL) has made history among development banks by signing a memorandum of understanding with Nepal Clearing House (NCHL) to facilitate international payments between Nepal and India.

This agreement allows for direct fund transfers between Indian citizens in Nepal and their accounts in India, as well as Nepalese citizens in India and their accounts in Mahalaxmi Bikas Bank in Nepal, using UPI-linked accounts.

The initiative is expected to benefit various stakeholders, including students, pilgrims, tourists, and individuals seeking medical treatment in India. CEO Dipesh Lamsal of Mahalaxmi Bikas Bank and CEO Neelesh Man Singh Pradhan of NCHL signed the agreement.

With a commitment to providing quality financial services for nearly three decades, Mahalaxmi Bikas Bank aims to strengthen cooperation and is open to partnerships with foreign banks or financial institutions, as indicated in their recent annual general meeting.