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Federal BankWednesday commenced offering the Western Union Money Transfer services across its nationwide network of 738 branches. Launching the service here, Shyam Srinivasan, Managing Director & CEO, Federal Bank said, the new tie up with a global leader in money transfer services, Western Union, means families of Indian expatriates can receive money fast, conveniently and reliably via our nationwide branch network.
The Bank’s alliance with Western Union through principal agent Weizmann Forex builds Federal Bank’s commitment to being accessible to customers. Federal Bank today enjoys the status of being the 4th largest private sector commercial bank in the country and is the largest private sector Bank in Kerala. The Bank enjoys the trust and confidence of more than 5 million customers across the world, which will be further enhanced with the availability of the Western Union Money transfer service.
According to the World Bank’s Migration and Remittance Fact book for 2011 released earlier this year, India continues to be the largest remittance receiving country in the world with an estimated $55 bn received during the year 2010.
A Reserve Bank of India study report released in early 2010 attributed 38 per cent of remittances flowing into India originating from North America followed by Gulf countries accounting for 27 per cent and Europe at 18 per cent of the total remittances received.
The World Bank estimates remittances to account for 4.2 per cent of India’s GDP. Jaisekhar Kothandaraman, Country Director - South & West India, Western Union said with the addition of Federal Bank, Western Union hopes to further reinforce its presence across the country, especially across some of the largest remittance receiving states in India such as Kerala and Tamil Nadu.
Kerala and Tamil Nadu together account for close to 33 per cent of Indians migrating abroad according to a recent report from the Ministry of Overseas Indians (MOIA).
The Western Union Agent network in India currently spans over 63,000 agent locations, with over 10,000 of these locations spread across the states of Kerala and Tamil Nadu.
By launching the service, Federal Bank’s branch network will now join Western Union’s over 400,0004 Agent location network spread across more than 200 countries and territories across the world. As per Kerala Government estimates remittance accounts for 20 per cent of state’s GDP.
The Bank’s alliance with Western Union through principal agent Weizmann Forex builds Federal Bank’s commitment to being accessible to customers. Federal Bank today enjoys the status of being the 4th largest private sector commercial bank in the country and is the largest private sector Bank in Kerala. The Bank enjoys the trust and confidence of more than 5 million customers across the world, which will be further enhanced with the availability of the Western Union Money transfer service.
According to the World Bank’s Migration and Remittance Fact book for 2011 released earlier this year, India continues to be the largest remittance receiving country in the world with an estimated $55 bn received during the year 2010.
A Reserve Bank of India study report released in early 2010 attributed 38 per cent of remittances flowing into India originating from North America followed by Gulf countries accounting for 27 per cent and Europe at 18 per cent of the total remittances received.
The World Bank estimates remittances to account for 4.2 per cent of India’s GDP. Jaisekhar Kothandaraman, Country Director - South & West India, Western Union said with the addition of Federal Bank, Western Union hopes to further reinforce its presence across the country, especially across some of the largest remittance receiving states in India such as Kerala and Tamil Nadu.
Kerala and Tamil Nadu together account for close to 33 per cent of Indians migrating abroad according to a recent report from the Ministry of Overseas Indians (MOIA).
The Western Union Agent network in India currently spans over 63,000 agent locations, with over 10,000 of these locations spread across the states of Kerala and Tamil Nadu.
By launching the service, Federal Bank’s branch network will now join Western Union’s over 400,0004 Agent location network spread across more than 200 countries and territories across the world. As per Kerala Government estimates remittance accounts for 20 per cent of state’s GDP.