Historic Partnership: Mahalaxmi Bikas Bank and HDFC Bank Revolutionize India-Nepal Remittance
3rd August 2025, Kathmandu
In a landmark development for cross-border financial services, Mahalaxmi Bikas Bank has officially announced a pivotal partnership with India’s financial giant, HDFC Bank. This collaboration is set to transform the landscape of money transfers from India to Nepal, making remittances significantly easier and more efficient for individuals and businesses alike.
India-Nepal direct remittance
Mahalaxmi Bikas Bank has launched a groundbreaking system under this agreement, enabling direct payments from India to Nepal. This strategic move marks Mahalaxmi Bikas Bank as Nepal’s first development bank to implement such a direct cross-border payment mechanism, setting a new benchmark in the Nepalese banking sector. Both institutions have meticulously completed all procedural requirements and successfully conducted trial transactions, ensuring a seamless rollout of this innovative service.
Through this partnership, Mahalaxmi Bikas Bank will leverage HDFC Bank’s cutting-edge Cash Management Services (CMS), including advanced CMS Cheque Collection and Electronic Cash Management Service (e-CMS). This integration means that customers in India can now transfer funds directly to Mahalaxmi Bikas Bank accounts in Nepal using a variety of electronic channels, including NEFT (National Electronic Fund Transfer), RTGS (Real-Time Gross Settlement), and Fund Transfer (FT) via HDFC Bank. Furthermore, a significant convenience for users is the ability to deposit cheques from other Indian banks to send money to Nepal.
This strategic alliance is poised to strengthen the banking ties between Nepal and India, fostering a more convenient, effective, and technologically advanced environment for cross-border trade and the vital remittance sector. The initiative underscores Mahalaxmi Bikas Bank’s unwavering commitment to digital innovation and service expansion, further exemplified by their recent addition of a virtual credit card feature to their mobile banking app, “Mahalaxmi Smart Sathi.”
With its proud slogan, “Strong Bank, Successful Partnership,” Mahalaxmi Bikas Bank continues its mission to provide high-quality financial services across Nepal. The bank, boasting a robust network of 103 branches and serving over 800,000 customers, is dedicated to enhancing financial inclusion and convenience for the Nepalese population. This collaboration with HDFC Bank is a testament to their dedication to innovation and customer-centric solutions in the evolving digital financial landscape.
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