Yes Bank has appointed Muthoot Finance as its business correspondent. The lenders were not allowed earlier to annoint NBFCs to act as BCs to them, however, in June 2014, the Reserve Bank of India has amended the norms allowing the banks to have NBFCs to act as their BCs. The partnership will enable Muthoot Finance to offer the sevice of domestic remittance to the migrant residents in cities.

Now, the money can be collected from the branches of Muthoot Finance or via ATMs in cash. It can also be transferred to the bank accounts.