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Punjab National Bank launches MoneyGram International

Money Transfer Service In India

New Delhi, May 26, 2009   Punjab National Bank, the largest nationalized bank in India, launches MoneyGram remittance service through its large number of branches in association with Thomas Cook India Ltd and UAE Exchange & Financial Services Ltd. Among the honored guests at the launch ceremony were RIS Sidhu, Chief General Manager, Punjab National Bank;

Madhavan Menon, Managing Director of Thomas Cook (India) Ltd; V George Antony, Country Manger from UAE Exchange; Nick Cunnew, Senior Regional Director of Asia Pacific and South Asia, MoneyGram International; and Harsh Lambah, Regional Director of South Asia, MoneyGram International.

"We are pleased to offer MoneyGram service through our extensive and large network of over 4600 branches in 2565 cities / centres across the nation. Adding, MoneyGram service will provide value to our customers and widen the range of services offered to them. Through this service customers can receive their money remitted from abroad through any Punjab National Bank branch in India, close to their home." said RIS Sidhu, chief general manager, Punjab National Bank.

Anthony Ryan, President and Chief Executive Officer of MoneyGram International, said, “MoneyGram’s growth in India is a vital part of our global expansion plans. India represents one of the largest remittance markets in the world and a significant growth opportunity for MoneyGram. Punjab National Bank caters to the needs of 37 million customers and has a network with the capability to deliver MoneyGram’s convenient and reliable money transfer services to more customers in more communities across India.”

MoneyGram 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.

MoneyGram’s Nick Cunnew, Senior Regional Director of Asia Pacific and South Asia, said, “We are eager to continue growing our footprint in India and expanding our global reach. Our alliance with a financial institution of the calibre of Punjab National Bank signifies our commitment to working with leading financial institutions to deliver convenient money transfer service, helping millions and millions of people in India stay connected with family and loved ones all over the world.”

MoneyGram opened its first office in India in 2006 and now has offices in New Delhi and Mumbai dedicated to growing the company’s money transfer service. “Our mission is to provide our customers in India and around the world more choices for affordable and reliable money transfer service,” said Harsh Lambah, Regional Director of South Asia for MoneyGram. “We offer special pricing and competitive exchange rates for India and our expansion with Punjab National Bank provides more convenient locations countrywide.”

According to the World Bank, 2008 remittances in India totaled $45 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.

To receive money via MoneyGram in India, the receiver can walk into any MoneyGram agent location, complete a simple Receive Form 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 Pvt. Ltd., Indus Ind Bank, Supreme Securities Limited, Trade Wings Limited and Catholic Syrian Bank.

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