YES BANK ties-up with Global IME Bank, Mega Bank and NMB Bank to enable Indo-Nepal Remittances

YES BANK, India's 5th largest private sector bank, has 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."

Shares of YES BANK LTD. was last trading in BSE at Rs.1342 as compared to the previous close of Rs. 1338.55. The total number of shares traded during the day was 326835 in over 7165 trades.

The stock hit an intraday high of Rs. 1349.7 and intraday low of 1337.25. The net turnover during the day was Rs. 439256051.

Source : Equity Bulls

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