- 50,000+ YES MONEY outlets in India connected on the API remittance platform to over 3,000 plus outlets and 100+ branches in Nepal
- Remittance time reduced to less than 1 working day from earlier time of 2 to 5 working days on other platforms
- YES BANK becomes the first bank in India to launch Indo-Nepal remittance for Nepalese residents in India with 3 banks simultaneously, thus providing maximum choice to customers
New Delhi, August 25, 2016: YES BANK, India’s 5th largest private sector bank, today announced the launch of its Indo-Nepal Remittance through its collaboration with 3 Banks in Nepal viz. Global IME Bank, Mega Bank and NMB Bank.
With this, YES BANK becomes the first bank in India to launch Indo-Nepal remittance for Nepalese residents in India with 3 banks simultaneously providing maximum choice to its customers. 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.
YES BANK brings unparalleled convenience, of access and operating hours, by offering remittance through its YES Money agent network, which will bring remittance points to the doorstep of the customer. The innovative API Banking based Real Time integrated systems brings down the remittance time from 2-5 working days to less than 1 working day for account credit and 2 working days for cash payouts.
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. This program has been introduced in line with YES BANK’s overall endeavour of formalizing cash and simplifying payments.
Mr. Arun Agrawal, Group President, International Banking, YES BANK said, “We are pleased to introduce this facility which builds on and further strengthens the strong economic and cultural linkages between Nepal and India. This service rides on YES BANK’s pioneering Application Programming Interface (API) facility and demonstrates our commitment to provide convenient, cost and time efficient payment platforms for cross border remittances. We look forward to building more partnerships under this Program for maximum coverage in Nepal and India.”
Mr. Ritesh Pai, Senior President and Country Head – Digital Banking, YES BANK, said “We are happy to partner with 3 of the most prestigious banks in Nepal to introduce this innovative service to the Nepalese migrant customers from YES BANK’s Agent outlets. YES BANK currently offers Domestic Remittance and Prepaid Cards facility from these YES Money Agent outlets. Launch of the additional services will provide increased footfall to the agents and will provide access to large network across the country to the Nepalese migrant population in India.”
About Global IME Bank:
Global IME Bank Ltd. (GIBL) emerged after successful merger of Global Bank Ltd, IME Financial Institution and Lord Buddha Finance Ltd in year 2012.The bank has been able to earn the trust and confidence of the public, which is reflected in the large and ever expanding customer base with more than 550,000 number of accounts in deposit base and above 16,000 in credit.
It is in line with the aim of the bank to be “The Bank for All” by giving necessary impetus to the economy through world class banking service. GIBL has been conferred with The Bank of the Year Award 2014 for Nepal by the Bankers Magazine (Publication of the Financial Times, UK)
About Mega Bank Nepal:
Mega Bank Nepal Limited is one of the premier ‘A’ Class Commercial banks with an authorized capital of Rs.4.00 billion and an issued capital of Rs.2.87 billion. The Bank is truly inclusive from its very roots having been established by 1,219 promoters spread across 63 of Nepal's 75 districts.
The ethos driving the institution forward today is the vision and mission of being the banker of every Nepali, from halo to hydro (plough to power). With the value of inclusive banking forming the core of the Mega culture the institution aims to deliver service excellence to create mutually beneficial relationships with all the stakeholders.
About NMB Bank:
NMB Bank Limited licensed as ‘A’ class financial institution by Nepal Rastra Bank in May 2008 has been operating in the Nepalese Financial market for over 20 years and is one of the leading commercial banks in the banking industry.
Since its inception, the Bank has been continuously endeavouring to win the trust of its customer which has resulted to ever increasing customer base and more importantly attained customer’s delight through its different products and services.
About YES BANK:
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Best Quality Bank of the World in India” by 2020.
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