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GI Tech helps to transfer money to Nepal

GI Technology, a leading payment solution company, on Friday entered into strategic tie-up with Prabhu Money Transfer Pvt. Ltd. and Ratnakar Bank Ltd. that enables Nepali diaspora settled in India to remit cash back home.

Chennai-based GI Technology is the first non-banking institution to facilitate cash remittances to Nepal using the retail agent network of its partners. On a given day, cash up to Rs.50,000 can be remitted and the commission is Rs.200 per transaction. A maximum of 12 transactions are allowed in a year.

There are about five million Nepali migrants in India and the average cash remittances by them through official channel ranges between Rs.7,000 and Rs.20,000.

GI Technology Managing Director, Ramu Ramsamy, said: “Currently, over 90 per cent of total remittances from India to Nepal take place through some of the migrant workers or through their friends and rest through banking channels.”

Nepal Rastra Bank, Deputy Governor, Gopal Prasad Kafle, said during 2013-14, Nepal received cash inflow of Nepali Rs.543 billion. India accounted for 8 per cent of it at Nepali Rs.53 billion.

Source: http://www.thehindu.com

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