Laxmi Bank Ltd. and ICICI Bank Ltd, a leading private sector bank of India, have signed a business cooperation Memorandum of Understanding (MoU) in Kathmandu.

The MoU was exchanged by the Chief Executive Officer of Laxmi Bank, Mr. Ajaya Bikram Shah and the Chief Representative for Nepal of ICICI Bank, Mr. Ranjan Kumar Thapa.

Under the cooperation MoU, both banks shall work together to channel the scope of inward and outward remittances between India and Nepal to cover traditional bank to bank payments as well as QR based payments (combined value estimated at more than USD 2.00 billion annually) and continued knowledge sharing in diverse areas such as human resources, technology and operations.

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