One of the leading lenders of the country, Punjab National Bank (PNB) has introduced MoneyGram remittance service in collaboration with Thomas Cook India Ltd and UAE Exchange & Financial Services Ltd.  Speaking on the occasion, PNB chief general manager, RIS Sidhu said that the bank is extremely happy to offer the MoneyGram service. PNB has a vast network of 4,600 branches in 2,565 cities/ centres across the nation, which will help the customers to avail MoneyGram service.

 

The MoneyGram remittance service will enable the customers to receive their money sent from abroad through any Punjab National Bank branch in India. According to Sidhu, the new service will enhance the brand value of the bank and popularize its commitments among its customers. Initially, PNB will launch the MoneyGram services across 3,500 branches in large cities such as New Delhi and Ludhiana and then it will be introduced all over the country by the end of this year.

 

In India, MoneyGram opened its first office in 2006 and now has offices in New Delhi and Mumbai, which are engaged in money transfer services of growing companies. The Reserve Bank of India (RBI) has also approved the MoneyGram's money transfer service and it has been available in India since 1997. Apart from UAE Exchange and Thomas Cook, there are different agents in India who are engaged in money transfer service.