EbixCash appoints J&K Bank as sub-agent for Ria Money transfer services

EbixCash said that it has appointed the entire network of Jammu & Kashmir Bank (J&K Bank) as a sub-agent to enable international remittance services for its Ria Money transfer business.

The agreement will facilitate the services across J&K Bank’s 1,000 branches starting from 15 August 2022.

Syed Rais Maqbool — J&K Bank General Manager said: “This tie up of J&K Bank – a dominant, strategic player in the region – with a premier market player like EbixCash, will go a long way in helping Non Resident Indians of J&K descent – specially based in Gulf countries, US, Europe and Canada; to send remittances to their loved ones in J&K and Ladakh region.”

Ria Money Transfer, which is a consumer remittance company, is owned by Euronet Worldwide. EbixCash has a contract to expand the reach of Ria Money Transfer in India.

T C Guruprasad —  EbixCash Payment Solution Division Managing Director said: “This tie-up is strategically important to us, as it enhances our reach and growth opportunities in the Jammu, Kashmir and Ladakh region.

“J&K Bank occupies a unique and dominant position within Jammu and Kashmir, due to its strong market presence and status as exclusive agent designated by the Reserve Bank of India for carrying out banking business for the Government of Jammu and Kashmir and the state’s government owned institutions and departments.”