<p>Gold loan NBFC company, Manappuram Finance, has tied up with Ria Money Transfer (“Ria”), an international money transfer and payment firm, to provide inbound remittance payout services throughout India.<br><br>This partnership will allow Ria customers to send money to their families and friends in India and provides greater convenience for beneficiaries, enabling quick cash pay-out on inbound money transfers up to Rs 50,000. <br><br>In 2014, Ria obtained a Money Transfer Service Scheme (MTSS) license from the Reserve Bank of India (RBI) and now Manappuram Finance will act as their sub-agent in India. <br><br>“With the MTSS license we are consolidating our business and ensuring the future growth of Ria in the number one remittance receiving country in the world,” said Juan Bianchi, CEO and President, Ria.<br><br>The purpose of these remittances may include family maintenance, as well as remittances to foreign tourists visiting India. The MTSS is structured to connect reputed money transfer companies abroad with agents in India that pay out remittances in local currency. MTSS licenses are issued by the RBI.<br><br>(BW Online Bureau)</p>
