Kathmandu: Mahalaxmi Bikas Bank has entered into an agreement with India’s leading financial institution, HDFC Bank, to promote cross-border financial services and facilitate payment systems from India to Nepal.
Under this agreement, Mahalaxmi Bikas Bank has launched a system that allows customers to make payments from India to Nepal, making it the first development bank in Nepal to introduce such a cross-border payment system. Both banks have completed the necessary procedural work and have already carried out test transactions.
The partnership will provide Mahalaxmi Bikas Bank access to HDFC Bank’s state-of-the-art cash management services, including CMS (Cash Management Services) cheque collection and electronic cash management. This will enable individuals and institutions to directly deposit funds into Mahalaxmi Bikas Bank accounts in Nepal through various electronic methods such as NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and standard fund transfers via HDFC Bank in India.
Additionally, it will be possible to deposit cheques from other banks in India and send the funds to Nepal, further easing the remittance process. The bank believes that this agreement with HDFC Bank will strengthen banking relations between Nepal and India and make financial services more accessible, efficient, and technology-friendly for customers engaged in cross-border trade and remittances.
This initiative is also expected to support the bank’s commitment to digital innovation and service expansion. Recently, Mahalaxmi Bikas Bank added a virtual credit card feature to its mobile banking app ‘Mahalaxmi Smart Sathi.’
Guided by the slogan “Strong Bank, Successful Partnership,” the bank has been delivering quality financial services to the Nepali people. Currently, it operates 103 branches nationwide and serves over 800,000 customers.
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