Ria expands network in India with launch of three new remittance payout services

Ria is expanding in India.

Not only is India the top receiving country of migrant remittances in the world – receiving over $70 billion in 2014 – it is also home to one of the world’s largest economies.

After securing a Money Transfer Service Scheme (MTSS) License in 2014, we were then granted authorization by the Reserve Bank of India (RBI) to operate. We plan to expand our network which now includes 272,000 locations worldwide, by signing more agreements with banks and non-bank financial companies (NBFC).

Since June 2015, three new direct agreements have been activated. These are: Punjab National Bank (PNB) with 6,595 locations, Manappuram Finance Ltd (MAFIL) with 3293 locations and Kotak Mahindra Bank with over 650 locations.

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A customer receives his Ria remittance at one of Manappuram Finance’s locations in India.

Ria’s Director for South Asia, Sujoy Kanjilal, said, “With the launch and expansion of Ria in India, Ria is continuing to make remittances more affordable for migrant workers in the diaspora. By adding direct agreements with Punjab National Bank, Manappuram Finance Limited and Kotak Mahindra Bank, Ria’s network is almost 10,500 locations and growing. In the coming months we look forward to launching additional partnerships, making our network in the fifth largest economy in the world even stronger.”

Ria’s Business Development Director South Asia, Suhail Shamsi, added, “With the MTSS license, Ria is able to strengthen its position in this important country and negotiate more favourable rates directly, without the need for an intermediary. This also provides more benefits to the customer. With these new partnerships, more customers can now send money to their loved ones through Ria’s extensive global network at a much more attractive rate.”

Customers can transfer up to USD 2,500 while beneficiaries can receive cash remittances in Indian Rupee (INR) up to INR 50,000 at any of the correspondent branches above. Remittances above this amount are also available, via cheque or bank draft are meeting additional conditions as advised by Reserve Bank of India.

Customers can make transfers from any Ria sending location, as well as online from the US through our website www.riamoneytransfer.com

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After launching three new direct agreements, Ria’s payout network in India is 10,500 locations strong and growing.