EbixCash and J&K Bank partner to facilitate money transfer services

By Leandra Monteiro

EbixCash Limited, a technology-enabled provider of digital products and services in the B2C, B2B and financial technology arena, 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 15th of August, 2022 coinciding with India’s 75th Independence Day celebrations.

T C Guruprasad, Managing Director, EbixCash’s Payment Solution Division said, “This tie-up is strategically important to us, as it enhances 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 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 – specially based in Gulf countries, US, Europe and Canada; to send remittances to their loved ones in J&K and Ladakh region.”

The agreement between J&K Bank and EbixCash was signed at a formal function in Srinagar, Kashmir to mark the occasion. Syed Rais Maqbool, General Manager – J&K Bank and T.C. Guruprasad, Director – EbixCash and Dr. Emil Ruban, Ria Financial’s Managing Director & Country Manager – India, were present at the ceremony.