EbixCash and J&K Bank sign pact for money transfer services

Mumbai: EbixCash on Thursday announced the appointment of Jammu & Kashmir Bank’s entire network spanning 1,000 branches as a sub-agent, to facilitate international remittance services for its Ria Money transfer business. The money transfer functionality will be going live on August 15, 2022, coinciding with India’s 75th Independence Day celebrations on that day.

Euronet Worldwide, Inc.’s Ria Money Transfer is the second largest consumer remittance company in the world today.

The agreement between J&K Bank and EbixCash was signed on Wednesday at a formal function in Srinagar, Jammu and Kashmir to mark the occasion.

T C Guruprasad, Managing Director, EbixCash’s Payment Solution Division said, “this tie-up is strategically important to us, as it will enhance our reach and growth opportunities in the Jammu, Kashmir and Ladakh region. J&K Bank occupies a unique and dominant position within Jammu and Kashmir, due to its strong market presence and status as an exclusive agent designated by the Reserve Bank of India for carrying out banking business for the Government of Jammu and Kashmir and the state’s government owned institutions and departments.”

J&K Bank General Manager Syed Rais Maqbool said, “This tie-up of J&K Bank – a dominant, strategic player in the region – with a premier market player like EbixCash, will go a long way in helping Non Resident Indians of J&K descent - especially based in Gulf countries, US, Europe and Canada; to send remittances to their loved ones in J&K and Ladakh region.”