As part of the initial phase of the project, MoneyGram is to activate the services at 3,500 branches in big cities including New Delhi and Ludhiana, while by the end of 2009, the services are to be introduced in smaller communities as well. Via the MoneyGram money transfer services, customers can receive their money remitted from other countries via any Punjab National Bank branch by completing a Receive Form and show a photo identification. MoneyGram’s money transfer service is approved by the Reserve Bank of India.
The agreement has been signed through MoneyGram agents Thomas Cook and UAE Exchange Financial Services. Statistics released by the World Bank indicate that 2008 remittances in India reached USD 45 billion.
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