Global IME Bank Ltd and IDBI Bank of India have signed a Memorandum of Understanding to facilitate remittance services between Nepal and India.
Global IME CEO Ratna Raj Bajracharya and IDBI Bank´s Chief General Manager Medha Vinay Joshi signed the MoU amid a function on Sunday.
The MoU will facilitate to channelize the money sent by Nepali migrant workers in India to Nepal, according to a statement issued by Global IME. “Remittance can be sent from 1,068 branch offices of IDBI Bank in India while the money can be received from 84 branch offices of Global IME and over 2,500 outlets of IME agents network on real-time basis,” the statement added.
The MoU between the two banks is expected to make the transfer of money of Nepali workers more convenient against the backdrop of Nepali workers facing hassles and hardship in India to transfer their hard-earned money to Nepal.
India hosts around five million Nepali workers.