MoneyGram adds two more banks to Indian network

Source: MoneyGram

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.

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