Mahalaxmi Bikas Bank Limited (MLBL) has made history by signing a memorandum of understanding with Nepal Clearing House (NCHL), marking a first among development banks to facilitate international payments between Nepal and India.
This groundbreaking agreement enables direct fund transfers between Indian citizens in Nepal and their accounts in India, as well as Nepalese citizens in India and their accounts in Mahalaxmi Bikas Bank in Nepal, using UPI-linked accounts.
The initiative is set to benefit a wide range of stakeholders, including students, pilgrims, tourists, and individuals seeking medical treatment in India. The memorandum was signed by CEO Dipesh Lamsal of Mahalaxmi Bikas Bank and CEO Neelesh Man Singh Pradhan of NCHL.
With a commitment to providing quality financial services for nearly three decades, Mahalaxmi Bikas Bank aims to strengthen cooperation and is open to partnerships with foreign banks or financial institutions, as discussed in their recent annual general meeting.