Muthoot Finance, the flagship company of Muthoot Group has tied up with Global IME Bank to expand its money remittance services between Indo Nepal Corridor. Muthoot Finance is the only NBFC to extend the money transfer services from India to Nepal.

In FY16, Muthoot Finance had collaborated with Nepal based Prabhu Bank for money transfer business wherein the company completed 2.2 lakh transactions worth Rs 4.69 billion. With Global IME Bank, this is the company's second tie-up in the region.

Global IME Bank through its 193 branches and more than 7000 pay out centers in Nepal will facilitate the smooth process of money transfer instantly.  With a very minimal amount of Rs 200, a Nepali migrant can now transfer money instantly from any of the 4600 branches of Muthoot Finance to their families in Nepal without opening any bank account in India.

RBL Bank, India and Global IME Bank, Nepal are the banking partners to facilitate Indo-Nepal remittance service.

In 2017, approximately Rs 70 billion was remitted by the migrants to their families back home from India. This facility is expected to benefit 5 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.

George Alexander Muthoot, Managing Director, Muthoot Finance, said, ''We are very excited to expand our reach in providing need based services to the people. Our both partnerships will open vast network of more than 12,000 payout outlets in Nepal, thereby providing utmost ease and comfort to friends and family in receiving the money.''

Shares of the company gained Rs 1.65, or 0.42%, to trade at  Rs 398.95.  The total volume of shares traded  was  4,587 at the BSE (10.04 a.m., Friday).