State Bank of India introduces Western Union funds transfer service
12 January 2006 | 3656 views | 0
Source: Western Union
Western Union, a worldwide leader in money transfer services, announced that its authorized Agent, Kuoni Travels, has entered into an agreement with the State Bank of India Ltd (SBI) to provide inbound money transfer services.
The State Bank of India is the largest bank in India and one of the top 100 banks in the world. SBI has more than 9,000 branches in India and has a presence in more than 32 countries worldwide. Through this landmark agreement, Western Union Money Transfer® Services now will be available at more than 200 branches of State Bank of India, with more to be added during 2006.
According to the World Bank's report on Global Economic Prospects 2006, India receives the highest amount of remittances, with US$21.7 billion sent to the country last year. This addition to Western Union's extensive Agent network in India will enable the more than 20 million Indian people living outside of their home country to stay better connected with friends and family.
"SBI is one of the biggest and probably most trusted brands in India. A lot of Indians living abroad still may have fond memories of SBI and often feel nostalgic even at the mention of the bank's name. Joining Western Union's Agent network reiterates SBI's commitment to Indians living in India and abroad to provide fast, safe and RBI-licensed money transfer services," said Mr. Hikmet Ersek, Senior Vice President, Western Union, Europe, Middle East, Africa, and South Asia.
"Dating back to the early 1900's, State Bank of India has earned the trust of its customers by providing sound financial services. Our alliance with Kuoni India to offer Western Union Money Transfer services will add great value to our customers across the country, helping them receive money from abroad quickly, reliably and conveniently," said Mr. K Ashok Kini, Managing Director, State Bank of India.
"Kuoni India's extensive network, along with the high quality of service, is the main reason for our success in the many markets we have entered to date. Like Western Union and SBI, we dedicate ourselves to creating exceptional value for our customers. The addition of SBI to the Agent network will allow us to offer Western Union Money Transfer to a greater number of people across this vast nation," said Zubin Karkaria, Managing Director and CEO, Kuoni Travel Group, India.