Ria and Manappuram Finance Ltd announce payout partnership in India

On August 17 in Jalandhar City, in the northwestern Indian state of Punjab, around 30 journalists gathered at a press conference to hear about the new remittance payout agreement between Ria and Manappuram Finance Limited (MFL).

The partnership enables more Ria customers to send money to their families and friends in India while providing greater convenience for beneficiaries. It allows quick cash payout on inbound money transfers up to INR 50,000 with remittances of higher amounts also permitted, subject to fulfilling additional requirements.

Manappuram Finance is a well-recognised non-bank financial company (NBFC) that specializes in gold loans. Ria selected Manappuram as its first NBFC partner, due to their long history of excellent service in India. Manappuram will act as Ria’s sub-agent, with  the new service available at nearly 3,300 Manappuram Finance branches, including 80 locations in Punjab and Chandigarh.

After securing a Money Transfer Service Scheme (MTSS) License in 2014, Ria was granted authorization by the Reserve Bank of India (RBI) to operate through a direct network in India, which received $70 billion in migrant remittances in 2014.

Manappuram Finance Ltd and Ria Money Transfer

L-R: Ria’s Sujoy Kanjilal (Operations Director, South Asia) and Suhail Shamsi (Business Development Director, South Asia) with Manappuram’s Mr. Raveendra Babu (Executive Director) and Mr. Naval Manoj (VP Ops), hold a copy of the agreement.

In a statement issued at the press conference, Ria’s CEO & President, Juan Bianchi said, “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. By working directly with Manappuram, we are strengthening our network throughout India and continuing to make remittances more affordable for the many migrant workers who need to send money home to their loved ones. Ria is also aligned with Manappuram’s vision to bring convenience to the people of India and we welcome them as our partner.”

In the same press statement, MD and CEO of Manappuram Finance Ltd., Mr V.P. Nandakumar, added, “Manappuram is actively diversifying its business and we see the money transfer business as offering a great opportunity to expand fee-based income. Ria Money Transfer is an ideal partner for us with their large network and their fast, reliable and secure money transfer service.”

The MTSS is a quick and easy way to transfer personal remittances from abroad to beneficiaries in India. 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. Licenses are issued by the RBI.

Customers can make transfers from any Ria sending location worldwide, as well as online from the US through www.riamoneytransfer.com.