Central Bank of India, one of the country’s largest government-owned banks, signed an agreement with Thomas Cook to offer MoneyGram International money transfer service. Among India’s public sector banks, Central Bank of India can be truly described as an “all India” bank, due to its large network in 27 out of 28 states and locations in four of the seven union territories in India. Central Bank of India holds a very prominent place among the public sector banks with its network of 3282 branches and 262 extension counters at various centres throughout the length and breadth of the country.
This strategic alliance supports MoneyGram’s network expansion plans in India and also enables Central Bank of India to enrich its services to its customers.
“We are pleased to offer MoneyGram Money Transfer Services through our extensive, nationwide bank branches. Adding MoneyGram’s Money Transfer Service will add value to our customers, Non Resident Indians and their family members in India as receiver of remittances and widen the array of services that we offer them,” said, Ms H. A. Daruwalla, Chairperson and Managing Director, Central Bank of India.
“Reaching out to our customers is very important for us. Since Central Bank of India has an excellent network spread throughout the country, customers can complete their transactions from any Central Bank branch close to their home thus adding a high level of convenience to their lives.” said Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd.
To receive money via MoneyGram in India, the receiver can simply walk into any MoneyGram agent location, complete a simple Receive Form and show a photo identification to receive funds in as little as ten minutes, subject to agent availability and hours of operation.
“Central Bank of India, with its large network of branches and a total customer base of over 25 million account holders, is one of the largest in the banking industry and we are proud to associate with them to offer our international money transfer services. This is in line with our purpose to help people by providing a convenient, affordable and reliable money transfer service. We offer competitive pricing and exchange rates for India and with this strategic alliance, we can now reach out to a wider customer base across the country,” said Mr. Harsh Lambah, MoneyGram’s Regional Director, South Asia.
MoneyGram now has 10,500 agent locations on the Indian Subcontinent. Its money transfer service is approved by the Reserve Bank of India (RBI) and has been available in India for more than eight years. MoneyGram has recently invested more resources in the Indian market and introduced special pricing on transactions received into the country.
Thomas Cook (India) Ltd. works has been an alliance partner for MoneyGram service in India since 1997.
With a large number of NRIs settled in the U.S., U.K., Canada, Australia, Greece and the UAE, remittances of funds from these countries to their families in India is high. Tourist locations like Goa and Jaipur receive significant remittances for payouts to tourists visiting India. The Reserve Bank of India has guidelines on the transaction value and number of remittance. An individual cannot receive more than 12 remittances in a year; nor can a single transaction be in excess of USD 2,500.
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