Western Seeks Rbi Nod For Local Money Transfer Services

The US-based Western Union Financial Services Inc has applied to the Reserve Bank of India (RBI) for permission to start domestic money transfer services in the country.

Western Union marketing manager (India) Cedric Dias said that currently his company is authorised to undertake only inward remittances of funds from foreign countries. This leaves Western Union without any major source of revenue generation in India as it does not charge anything from the recipient of funds.

Getting approval to undertake domestic money transfer services would not only boost the revenues of Western Union but would also enable it to introduce numerous value-added services for Indian customers and strengthen its presence all over the country, he said.

Emphasising that his company has drawn up plans to significantly expand its presence throughout India, Dias said, "We plan to reach out to every district headquarter within next three years. To achieve this objective we have signed an agreement with 14 different parties, including India Post, Sita Travels, Karnataka Bank, Wall Street Finance, Bank of Punjab, Patel Roadways and roped them in as our business partners in the country."

The tie-up with India Post would enable Western Union to reach out to 800 locations during the current year and to 3,000 locations within three years, he said.

Maintaining that the immediate goal is to create brand awareness and visibility of his company among Indian masses so that the receiver of funds here can endorse Western Union services, Dias said, "As a part of that strategy, this week we are launching customer-connect and relationship building programmes in various cities across the country."

In Gujarat, the relationship building programme titled 'Patang Umang Utsav' would coincide with the kite-flying festival days on January 13 and 14. A roadshow would be organised at key localities all over the state and comprise customer-oriented activities and contests, he elaborated.