Srinagar: With a view to facilitate personal foreign inward remittances for Non-Resident Indians (NRI), J&K Bank on Wednesday entered into a tie-up with Ebix Money Express Pvt Ltd – an Indian Agent of Overseas Principal RIA Financial Services. The service shall be operational on August 15 as a part of country-wide Azadi ka Amrit Mahotsav celebrations.
The tie-up will provide NRIs based across the world an additional money transfer channel to send remittances of personal nature up to 2500 USD from abroad to their loved ones in the country.
Dy. General Manager (Corporate Banking & Forex Planning) Nishikant Sharma signed the agreement on behalf of Bank while as T C Guruparasad put in his signatures as Managing Director EBIX Money Transfer Pvt Ltd. in presence Bank’s General Manager Syed Rais Maqbool, MD & Country Manager RIA Money Services DR. J. Emil Ruban, Dy. General Manager Imtiyaz Ahmad and other senior officers of the Bank.
Speaking on the occasion, General Manager Syed Rais Maqbool said, “The tie-up of J&K Bank – a dominant, strategic player of the region – with premier market players like Ebix Money Express will go a long way in helping NRIs based in Gulf Countries, US, Europe & Canada especially those belonging to J&K and Ladakh to send remittances to their loved ones.”
While laying emphasis on due diligence in KYC procedures, he said that both the organisations need to live up to the expectations of clientele comprising of professionals, businessmen and other segments of overseas workers, and provide them best services while ensuring compliance with the regulatory norms in place for such remittances.
Thanking J&K Bank for the tie-up, Managing Director EBIX Money Express T C Guruparasad said that the agreement will make job of sending the remittances for people to their families much easier and safer. “Going forward we see this association bringing happiness in the lives of so many people”, he said.
Present on the occasion, MD & Country Manager-India (RIA Financial Services) Dr. J. Emil Ruban said, “With second largest global network for money transfer, our association with J&K Bank and Ebix Money Express gives us an important opportunity for making it easier for people particularly from J&K and Ladakh to receive remittances from their loved ones residing abroad.”
“Keeping in view the sensitive nature of foreign remittances, the company has put up a mechanism to ensure all the regulations are complied with and transfer of money is instant”, he further added.
Notably, as per the agreement, Ebix Money Express will also promote benefits of the arrangement through effective marketing campaigns in coordination with the Bank.