Machhapuchchhre Bank entered into agreement to facilitate cross-border payments

KATHMANDU: Machhapuchchhre Bank Limited (MBL) has signed agreements with Nepal Clearing House and FonePay Private Limited to facilitate cross-border payments between India and Nepal.

Indian customers visiting Nepal can now make instant payments to goods and services they purchase using UPI-enabled apps.

MBL has partnered with FonePay Private Limited to enable the Person-to-Merchant (P2M) payment channel.

Merchants affiliated with the Fonepay Network of Machhapuchchhre Bank can readily accept UPI payments, eliminating the need for cash transactions.

In a separate agreement, MBL has partnered with Nepal Clearing House Limited (NCHL) to become a Participating and Settlement Bank for cross-border payments/remittances. After going live, this service allows:

Indian citizens in Nepal to send money directly to any UPI handle-linked account maintained with MBL, adhering to the limits set by Nepal Rastra Bank (NRB).

Updated regulations permit Indian account holders to send up to INR 15K daily and INR 100,000 monthly, within the limit set by NRB under the salary transfer arrangement.

Nepali citizens in India can remit money back to Nepal using UPI-enabled apps to any UPI handle-linked accounts at MBL. Updated regulations permit Nepali account holders to send up to Rs. 2 lakhs per transaction.

Walk-in customers can remit Rs. 50,000 per transaction (up to 12 transactions annually).

This initiative aims to eradicate the inconvenience of carrying cash and enhance the overall banking experience for our customers.

With a steadfast commitment to innovation, collaboration, and personalized service, Machhapuchchhre Bank Limited continues to redefine the standards of banking excellence.

Our unwavering dedication has been recognized through various awards, accolades, and citations, serving as testaments to our relentless pursuit of customer satisfaction.