YES Bank becomes the first bank in India to launch Indo-Nepal remittance for Nepalese residents in India.
YES Bank launched its Indo-Nepal Remittance through its collaboration with 3 Banks in Nepal viz. Global IME Bank, Mega Bank and NMB Bank.
YES BANK will enable this facility by leveraging over 50,000 YES Money agents, making this the largest Business Correspondent (BC) network offering the Indo Nepal remittance program in India.
Nepalese migrants can now register for this program with Nepalese ID documents and initiate remittance. They can deposit cash and this money will be remitted to the beneficiary’s bank account or cash will be disbursed though over 3000 agent points and 100+ branches of Global IME Bank, Mega Bank and NMB Bank in Nepal.
There are over 4 million Nepalese citizens in India, remitting an estimated amount of INR 30,000 Crores annually, of which only about 10% go through formal banking channels.