Page 27 - Banking Finance October 2015

PRESS RELEASE

United Bank of India inks
MoU with National Housing

Bank (NHB)

In presence of Mr P Srinivas, MD & CEO, United Bank
of India(UBI), Mr Sriram Kalyanaraman, MD & CEO,
NHB, Mr Sanjay Arya, ED, UBI and other senior officials,
Mr Manas Dhar, General Manager, UBI and Mr V Rajan,
General Manager, NHB, signed an MoU to implement
the Interest Subvention Scheme known as "Credit
Linked Subsidy Scheme (CLSS)" of Ministry of Housing
and Urban Poverty Alleviation, GOI as part of Pradhan
Mantri Awas Yojana - " Housing for All by 2022", to
address the Housing needs of the Economically Weaker
Sections (EWS)/ Low Income Groups (LIG) segments in Urban areas across the country.

Manappuram Finance Announces Partnership with Ria Money Transfer

Manappuram Finance branches, including 80 locations in
Punjab and Chandigarh.

Speaking about the partnership, Mr V.P. Nandakumar, MD
and CEO of Manappuram Finance Ltd., said, "Manappuram
is actively diversifying its business and we see the money
transfer business is 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."

Manappuram Finance Ltd., the leading gold loan NBFC, has "With the MTSS license we are consolidating our business
announced a tie-up with Ria Money Transfer ("Ria"), a and ensuring the future growth of Ria in the number one
global leader in international money transfer and payment remittance receiving country in the world," said Ria's CEO
services, to provide inbound remittance payout services and President, Juan Bianchi. "By working directly with
throughout India. Manappuram, we are strengthening our network
throughout India and continuing to make remittances more
This partnership allows more Ria customers to send money affordable for the many migrant workers who need to send
to their families and friends in India and provides greater money home to their loved ones. Ria is also aligned with
convenience for beneficiaries, enabling quick cash payout Manappuram's vision to bring convenience to the people
on inbound money transfers up to INR 50,000. Remittances of India and we welcome them as our partner."
of higher amounts are also permitted, subject to fulfilling
additional requirements. The MTSS is a quick and easy way to transfer personal
remittances from abroad to beneficiaries in India. The
In 2014, Ria obtained a Money Transfer Service Scheme purpose of these remittances may include family
(MTSS) license from the Reserve Bank of India (RBI) and maintenance, as well as remittances to foreign tourists
now Manappuram Finance Ltd. will act as their sub-agent visiting India. The MTSS is structured to connect reputed
in India. The service is now available at nearly 3,300 money transfer companies abroad with agents in India that
pay out remittances in local currency.

BANKING FINANCE | OCTOBER | 2015 | 27

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