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PNB signs MoU for Western Union

New Delhi, December 21, 2004

Punjab National Bank (PNB) today entered into an arrangement with M/s Weizmann Forex Ltd., a principal agent of Western Union in India and wholly owned subsidiary of Weizmann Group for Western Union Money Transfer Services. The MOU was signed by Dr. K.C. Chakrabarty, ED, PNB and Shri B.S. Shetty, Principal & CEO, Weizmann Forex Ltd.

Dr. K.C. Chakrabarty has informed that the Bank has designated 400 branches in various Zones to handle the transactions and estimated total revenue of USD 7.75 per transaction without incurring any marketing cost and the business volume of 10 transactions per month per location for 400 branches. As such there will be 4000 transactions per month for the Bank which will generate an income of USD 31000 i.e. Rs.14 lac per month. Under this arrangement the company has offered sharing of 70% of revenue received by them from Western Union per transaction, bearing all costs relating to publicity, stationery, on location training to 1-2 persons at each branch, to place a security deposit with the Bank equivalent to the estimated average pay out amount for three days as being done by Western Union with Principal Agents.

One of the top Banking Institutions in the country, PNB has the largest network of branches amongst nationalized banks with 4474 offices serving over 3.5 crore satisfied customers with total business exceeding Rs.1.46 crore. The Bank has achieved 100% computerization of all its branches. It has been ranked at 313th position amongst the top 1000 global banks by prestigious international publication, ‘The Banker’. To expand overseas operations of the Bank, the Bank has opened a branch at Kabul, Afganistan, first by an Indian Bank and Representative Office at Shanghai, China in addition to the existing offices at London and Kazhakhastan. Plans are afoot to open an office at Dubai. Besides the Bank has opened its first Offshore Banking Union (OBU) at SEEPZ, Mumbai for catering to needs of units in SEZs and SEZ Developers.

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