The central bank governor has asked remitters to increase their presence in India following requests by Non-Resident Nepalis (NRN) in India. 

Representatives of NRNs from India today held a meeting with Nepal Rastra Bank (NRB) governor Dr Yubaraj Khatiwada today. They have asked the central bank to facilitate the money transferring mechanism between Nepal and India. 

According to NRNs from India, the ban on high denomination Indian currency of IRs 1000 and IRs 500 has created problems for Indians travelling to Nepal. 

Moreover, the absence of money transfers to remit money from India to Nepal has made sending money to Nepal and receiving pension difficult. They also pointed out the difficulty for Nepali workers to open a bank account in India, thus, being duped in bordering areas. 

In response, governor Dr Khatiwada assured remitters that it is in central bank’s interest to encourage former remittance channels for transferring money to Nepal from India. 

NRB held another meeting with representatives of Everest Bank, Nepal SBI Bank, IME and Prabhu Money Transfer regarding the existence of formal money transfer channels. 

“The general public has little knowledge regarding banking, so money transfers can work towards sensitising people about the importance of using banking channels,” said the governor. 

Remitters expressed the need to revise the commission on transferring money through Indo-Nepal Remittance Model.

Published on: 10 January 2012 | The Himalayan Times