Vijaya Bank, a Bangalore based public sector lender is to offer money transfer services at all its branches. The bank has signed an agreement with global money transfer company MoneyGram to offer this service.
Albert Tauro, chairman and managing director, Vijaya Bank, said, “We will offer money transfer facility at all our branches and that will now be facilitated by MoneyGram.”
He added, Thomas Cook and UAE Exchange, travel services providing companies will be part of the agreement who will be providing financial services relating to travel and money exchange.
During the last financial year, the global remittances market was approximately $400 billion and India is one of the major remittances market. Last financial year, from Indian diaspora it had received around $55 billion.
In India around 27% of remittances come from West Asia, though a major chunk is also received from North America.
Tauro added, “We want to tap this market as many of our customers send money from West Asia which is now easily remitted to their relatives in the country.”
He said, in the first half of the financial year Vijaya Bank had received remittances of around Rs 100 crore and the momentum is likely to continue.
He informed that now it will receive money transfer serviced from over 190 countries.
Speaking on the issue, Harsh Lambah, regional director-South Asia of MoneyGram India, said this deal will further strengthen their presence in India.
He added, “We have tied up with public sector banks like Corporation Bank and Punjab National Bank for providing remittance services. After the tie-up with Vijaya Bank, our presence will rise in southern India.”
During April- June period of this fiscal, Vijay Bank had registered a net profit of Rs 173 crore, up by 21 per cent on the back of falling cost of deposit with higher core earnings.
During the same period last year, bank total income increased by 3.8% to Rs 1,520.20 crore from Rs 1,463.42 crore.
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