Kathmandu. Mahalakshmi Bikas Bank and HDFC Bank, India’s leading financial institution, have signed a Memorandum of Understanding (MoU) to promote cross-border financial services and make payments from India to Nepal. As part of the MoU, Mahalaxmi Bikas Bank has introduced a system for customers to pay from India to Nepal. Mahalaxmi Bikas Bank has become the first development bank to operate payment system in Nepal from India. Both the banks have done all the procedural work and have also done the test transaction.
Under this, cms cheque collection and electronic cash management services will be accessed under the state-of-the-art cash management service being used by Mahalaxmi Bikas Bank’s HDFC Bank. As a result, any person or organization from India can directly deposit money in the account of Mahalaxmi Bikas Bank in Nepal through HDFC Bank of India using various electronic means such as National Electronic Fund Transfer, Real Time Gross Settlement and Fund Transfer.
Apart from this, money can also be sent to Nepal by depositing cheques of other banks in India. The bank believes that the agreement with HDFC Bank will further strengthen the banking relationship between Nepal and India and provide easy, effective and technology-friendly financial services to the customers engaged in cross-border trade and remittance. The use of this system will also help the bank’s commitment to digital innovation and service expansion to its customers.
Recently, the bank has added virtual credit card facility to its mobile banking app “Mahalaxmi Smart Saathi”. The bank has 103 branches and 800,000 customers across the country, providing quality financial services at the doorsteps of the Nepali people with the slogan of “Sabal Bank, Successful Collaboration”.
