wordpress blog stats
Connect with us

Hi, what are you looking for?

ItzCash starts cross-border remittance service to Nepal

Payments company ItzCash has ventured into cross-border remittance service with a partnership with Prabhu Money Transfer, a remittance company in Nepal. Through this, ItzCash will allow Nepali migrants in India to send money back home through its 75,000 agent network.

Any Nepali citizen residing in India can send money through an ItzCash outlet by producing a copy of their citizenship certificate. They can also deposit money into an account maintained in any branch of Prabhu Bank or any other bank operating in Nepal in real time.

Note that the Reserve Bank of India (RBI) had announced the launch of the “Indo-Nepal Remittance Scheme” for Nepali migrants in India back in 2009.  The scheme allows migrants, including those who don’t have bank accounts, to send up to Rs. 50,000.

Cross-border outward remittances to Nepal are picking up. In January, Eko, a mobile-based financial inclusion company, started remittance service to Nepal with Prabhu Money Group as well, as indicated by this Economic Times report. Eko said a remitter can do transactions of Rs 50,000 per day and is allowed up to 12 transactions in a year. A fee of Rs 150 is charged for remitting up to Rs 30,000 and Rs 200 for remitting up to Rs 50,000. In December, Oxigen started an Indo-Nepal money remittance as well in partnership with the IME Nepal.

RBI to allow wallets to make cross-border remittance 

Advertisement. Scroll to continue reading.

Last month, the Reserve Bank of India (RBI) opened new avenues of business. Wallets will now be able to undertake cross-border inward remittances, according to its new draft guidelines. However, the wallets need to be fully KYC compliant and issuers can enable this facility only on explicit request of the customers. To begin with, a per transaction limit of not exceeding Rs 5000 for such cross-border transactions shall apply, the RBI said. However, the maximum value in these wallets at any point of time shall not exceed Rs 50,000.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ