EbixCash and J&K Bank Sign Agreement to Facilitate Money Transfer Services Across the Bank’s 1,000 Branches

EbixCash Limited, a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, today announced the appointment of Jammu & Kashmir Bank’s entire network spanning 1,000 branches as a sub-agent, to facilitate international remittance services for its Ria Money transfer business. The Money Transfer functionality will be going live on 15th of August, 2022 coinciding with India’s 75th Independence Day celebrations on that day

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Euronet Worldwide, Inc.’s Ria Money Transfer is the second largest consumer remittance company in the world today. EbixCash – a subsidiary of Ebix, Inc. (NASDAQ: EBIX) is a leader in the international remittance business in India, based on gross transactional value. J&K Bank is the largest Bank operational in the Kashmir, Jammu and Ladakh regions with 851 branches located in Jammu, Kashmir and Ladakh regions.

The agreement between J&K Bank and EbixCash was signed yesterday at a formal function in Srinagar, Kashmir to mark the occasion. Syed Rais Maqbool, General Manager – J&K Bank and T.C. Guruprasad, Director – EbixCash and Dr. Emil Ruban, Ria Financial’s Managing Director & Country Manager – India, were present at the ceremony.

T C Guruprasad, Managing Director, EbixCash’s Payment Solution Division 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.”

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J&K Bank General Manager Syed Rais Maqbool 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.”

EbixCash is a subsidiary of Ebix, Inc. (NASDAQ: EBIX), with a leadership position in key businesses that it operates in, with a “phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021; with a Omni-channel online digital platform that offers its products and services encompassing domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services, and technologies across insurance, bus information systems, lending and wealth management in 75+ countries.