Even though there are a large number of Nepalis residing in India particularly as migrant workers, there are not many institutional mechanisms for them to send money back home.

As a result, they are forced to carry large amounts of cash on their persons making them vulnerable to attacks by muggers and bandits.

Global IME Bank, which has arranged remittance transfer from India in partnership with the United Bank of India (UBI), is now expanding the scope of remittance transfer by signing another MoU with IDBI Bank.

As UBI’s services are focused on the north-eastern parts of India, the partnership with IDBI, which has a larger footprint in southern India, will benefit Nepalis residing and working there, Global IME Bank said.

“Considering the ample opportunities to reach vast untapped areas in India where Nepali migrant workers remain scattered, we have requested IDBI Bank, having a special presence in the southern parts of India, for a formal business relationship in India-Nepal remittance services,” said Ratna Raj Bajracharya, chief executive officer of Global IME Bank.

Currently, remittance services are available to Nepalis through more than 200 UBI branches which are mostly based in the north-east, said Global IME Bank. The money is distributed through 84 branches of Global IME Bank and over 2,500 outlets of IME agent networks on a real-time basis.

“During the last two years of our partnership with UBI, the volume has picked up satisfactorily and exceeded 15,000 transactions monthly,” said Bajracharya.