Himalayan Bank dismisses Max Money’s allegation

Kathmandu, August 16

Himalayan Bank has dismissed the allegation made by the Malaysian remittance company, Max Money, stating that the bank forged the fund transfer control number (pin) as ‘imaginary, illusive, self-generated, an exaggeration and baseless’.

The bank has asked Max Money to submit evidence to central bank of Malaysia and Nepal Rastra Bank if Himalayan Bank has claimed for payment requests in which control number does not match.

Ujjwal Rajbhandari, deputy general manager of Himalayan Bank, said that the bank issues payment to the remittance recipient only after the remittance company confirms the control number. “There is no chance of claiming the funds through forged receipts because we issue payment based on the payment order of the remittance company only after the control number is accepted by them,” he asserted.

“However, the remittance company refused to disburse outstanding dues worth Rs 180 million payable to Himalayan Bank, asking us for re-verification of control number for around 100 transactions and we have already verified claim amount again with the exact control number,” claimed Rajbhandari.

He further stated that the company has yet to settle the outstanding dues worth Rs 180 million to Himalayan Bank and wants to entice the bank to cut off relations with the remit company so that it can claim for damages.

Himalayan Bank had entered into a remittance agreement with Max Money to remit money from Malaysia to Nepal in 2008. As per the agreement, the hard-earned money of Nepali workers is transferred to their beneficiaries through Max Money in Malaysia. Accordingly, Himalayan Bank facilitates the payment of those funds.

According to the agreement between the two organisations, a notice must be served six months prior to any party wanting to terminate the contract. Himalayan Bank is planning to terminate the agreement after the outstanding dues are settled, informed Rajbhandari.

“When Himalayan Bank started making rigorous follow-ups with Max Money to transfer the unsettled funds, they started levelling false allegations against us.”

Himalayan Bank has said that it is in regular touch with the concerned regulatory bodies of both the countries — Nepal Rastra Bank (NRB) and Bank Negara Malaysia — regarding this matter.

Bhisma Raj Dhungana, executive director of NRB and who is responsible for the central bank’s Foreign Exchange Management Department, has said that Max Money is at fault because Himalayan Bank issued payments only after reconfirmation with the remit company.