PNB ties up with MoneyGram for global cash transfers

26 May 2009

Punjab National Bank on Monday announced that it had joined hands with US-based MoneyGram to enter the lucrative $45-billion money remittance business through its branches in association with Thomas Cook India Ltd and UAE Exchange and Financial Services Ltd.

''We are happy to offer MoneyGram service through our extensive network across the country. MoneyGram will provide value to our customers and widen the range of services offered to them,'' the bank's chief general manager R I S Sidhu said at a press conference in New Delhi on Monday. Through these services, customers can receive money remitted from abroad through any PNB branch in India.

MoneyGram International CEO Anthony Ryan said India represented one of the largest remittance markets in the world and a significant growth opportunity for the company.

MoneyGram, which has been present in India since 2006, expects to activate the Punjab National Bank locations in phases, launching the first 3,500 branches in large cities such as New Delhi and Ludhiana and smaller communities all over the country by year end.

To receive money via MoneyGram in India, the payee can walk into any MoneyGram agency, complete a simple and show a photo identification to collect funds in as little as 10 minutes - subject to agent availability and hours of operation. 

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 adding subagent network across India include Mehra Forex, Airwings Services, IndusInd Bank, Supreme Securities, Trade Wings and Catholic Syrian Bank.