Source: Business Wire
Monday, December 07, 2009 11:51 AM IST (06:21 AM GMT)
Editors: General: Consumer interest, Economy; Business: Advertising, PR & marketing, Banking & financial services, Business services
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(BW)(MN-MONEYGRAM-INTL)(MGI)MoneyGram International Expands Money Transfer Services to Rural Areas in India
Now Available at Urban Co-Operatives Serving the States of Maharashtra, Karnataka and Gujarat
Mumbai, Maharashtra, India, Monday, December 07, 2009 -- (Business Wire India) --
MoneyGram International, a leading global money transfer company, today announced that two more banks-Abhyudaya Co-op Bank Ltd and Thane Janata Sahakari Bank Ltd (TJSB)-will soon be offering MoneyGram money transfer services. With these additions, 18 India banks offer MoneyGram's services.
Abhyudaya and Thane Janata Sahakari banks are MoneyGram's first urban co-operatives, and they extend the company's reach into smaller cities and towns in the states of Maharashtra, Karnataka and Gujarat. The banks have been signed as sub-agents by UAE Exchange & Financial Services Ltd and Thomas Cook (India) Ltd.
"MoneyGram is pleased to work with many established financial institutions across India to enhance the convenience of our affordable and reliable money transfer service across India," said Mr. Harsh Lambah, MoneyGram's regional director for South Asia. "We have doubled our network in India this year and our progress continues. Adding our service to Abhyudaya and Thane Janata Sahakari banks is a first step in providing more locations and services in rural areas."
According to the World Bank, 2008 remittances in India totaled $52 billion-a figure driven by the growing number of Indians living, working, studying and traveling abroad. Demand for safe and reliable remittances is especially high in countries with large Indian populations, including the United States, United Kingdom, Canada, Australia, Greece and the UAE.
MoneyGram has offices in New Delhi and Mumbai dedicated to expanding the company's money transfer services. "Our goal is to provide our customers in India and around the world more choices for money transfer services," said Mr. Lambah. "The special pricing and competitive exchange rates for India, along with our expansion into urban cooperative banks, will provide more convenient locations countrywide."
MoneyGram's money transfer service is approved by the Reserve Bank of India (RBI) and has been available in India since 1997. In addition to UAE Exchange and Thomas Cook, key agents across India include Mehra Forex, Airwings Services Pvt. Ltd., Indus Ind Bank, Supreme Securities Limited, Trade Wings Limited and Catholic Syrian Bank.
About MoneyGram International
MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited banking relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world in as little as 10 minutes. Its global network is comprised of 186,000 agent locations in 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com.
About Abhyudaya Co-op. Bank Ltd
Abhyudaya Co-op. Bank Ltd is one of the leading urban co-operative banks in India. From a humble beginning in January 1964 as a co-operative credit society, today Abhyudaya Co-op Bank has become one of the largest urban co-operative banks with a "Scheduled Bank" status. The Bank has a network of over 75 branches all over Mumbai, Navi Mumbai, Pune, Raigad, Thane Districts in Maharashtra state, Udupi and Mangalore Districts in Karnataka State, and Vadodara and Ahmedabad Districts in Gujarat state.
About Thane Janata Sahakari Bank Ltd
The Thane Janata Sahakari Bank Ltd (TJSB) has emerged as one of the leading multi-state scheduled co-operative banks in the country. TJSB caters to the needs of society through a network of 42 Branches spread throughout the cities of Thane, Mumbai, Navi Mumbai, Nasik and Pune.
CONTACT DETAILS
CONTACTS :
Media
MoneyGram International
Gautam Kalro, 91 22 6761 9512
gkalro@moneygram.com
KEYWORDS
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