Thomas Cook ties up with Shamrao Vithal Co-Operative Bank Ltd. to expand MoneyGram services to customers

 

Maharashtra, Mumbai, February 25, 2010

Thomas Cook (India) Ltd (TCIL), India’s largest integrated travel and travel related financial services company with a 360 degree end to end solutions of travel services in India, today joined hands with Shamrao Vithal Co-operative Bank Ltd (SVC). They signed an agreement to offer MoneyGram - International money transfer service accross all SVC branches in India onWednesday, 24th February 2010.

 

This tie up will allow customers of SVC branches, to avail of Thomas Cook- MoneyGram services, through its large network across India.

 

SVC, one amongst the three largest Co-operative banks in the country, signed an agreement with Thomas Cook to offer MoneyGram International money transfer service. SVC, a leading Multi State Scheduled Cooperative Bank established in the year 1906 has a rich heritage in banking spanning over 103 years. At present the Bank has 87 branches spread across 6 states with a business mix of around Rs.8,300 crores. The Bank aims to attain the dual goal of 100 branches and a business mix of Rs.10,000 crores by December 2010 through organic and inorganic growth.

 

MoneyGram now has 22,000 agent locations in India. Its money transfer service is approved by the Reserve Bank of India (RBI) and has been available in India for more than eight years. MoneyGram has recently invested more resources in the Indian market and introduced special pricing on transactions received into the country.

 

This strategic alliance supports MoneyGram’s network expansion plans in India and also enables SVC to enrich its services to its customers. Adding to this, Mr. Shrinivas Joshi, CEO, Shamrao Vithal Co-operative Bank Ltd. said, “We are pleased to offer MoneyGram Money Transfer Services through our extensive, nationwide bank branches. Adding MoneyGram’s Money Transfer Service will add value to our customers, Non Resident Indians and their family members in India as receiver of remittances and widen the array of services that we offer them,”

 

On this occasion, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. said “Reaching out to our customers is our key business policy and easing their dealings is very important to us. Our tie up with Shamrao Vithal Co-operative Bank Ltd. has aided our mission to reach our growing network spread across the country, where customers can complete their financial transactions from any of the SVC’s branches close to their home due to its widespread network. We as a brand, constantly strive at providing a high level of convenience to the lives of our customers across all businesses.”

 

To receive money via MoneyGram in India, the receiver can simply walk into any MoneyGram agent location, complete a simple Receive Form and show a photo identification to receive funds in as little as 10 minutes, subject to agent availability and hours of operation.

 

“MoneyGram’s growth in India is a vital part of our global expansion plans. India represents one of the largest remittance markets in the world and a significant growth opportunity for MoneyGram. We are proud to associate with Shamrao Vithal Co-operative Bank Ltd. to offer our convenient, affordable and reliable international money transfer services to more people in more communities throughout India,” said Mr. Harsh Lambah, MoneyGram’s Regional Director, South Asia.

 

Current trends have seen a large number of NRIs settled in the U.S., U.K., Canada, Australia, Greece and the UAE, remittances of funds from these countries to their families in India is high. Also, tourist locations like Goa receive significant remittances for payouts to international tourists visiting into India. The Reserve Bank of India(RBI) has guidelines on the transaction value and number of remittances, where individuals cannot receive more than 12 remittances in a year; nor can a single transaction be in excess of USD 2,500. Thomas Cook (India) Limited has been the principal agent with MoneyGram for over 12 years now and has been helping to stream-line the flow of foreign exchange within the country.

 

Notes to Editor:

About Thomas Cook (India) Limited:

Thomas Cook (India) Ltd. is the largest integrated Travel and Travel related Financial Services Company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, Leisure Travel, and Insurance. The Company has been into Indian operations since 129 years of world-class travel service. Thomas Cook India is renowned for operating in the following areas of business, namely: Leisure Travel, Corporate Travel Management, MICE, Foreign Exchange, SWIFT Network, Travel Insurance, Credit Cards, Pre-Paid Cards, Life Insurance and E-Business. For more information please visit www.thomascook.in

 

About Thomas Cook Group plc:

Thomas Cook Group plc, UK, is one of the world’s leading leisure travel groups with sales of £8.8 billion, 22.3million customers, 31,000 employees, a fleet of 93 aircraft and a network of over 3,400 owned and franchised travel stores and interests in 86 hotels and resort properties. It operates under five geographic segments in 21 countries, and is number one or two in all its core markets.

 

About Shamrao Vithal Co-operative Bank Ltd.

The Shamrao Vithal Co-operative Bank Ltd has risen from humble origins to occupy its coveted position as one of the premier scheduled Multi State Co-operative Bank.

 

Over the last 103 years the Bank has achieved several milestones in every conceivable area of modern banking business. All outlets are fully computerized and inter connected. The bank extends traditional banking blended with modern day services including SMS Banking, Tele Banking, Mobile Banking, Any Branch Banking, ATM, Demat ,RTGS/NEFT , Internet Banking to name a few. After receiving the AD Category 1 license from the Reserve Bank Of India, in December 2007 the bank started independent foreign exchange operations effective July 23, 2008 with state-of-the-art facility at Cuffe Parade premises from where the Integrated Treasury and Foreign Exchange Departments are functioning.

 

The Shamrao Vithal Co-op Bank Ltd. owes its success to the continued patronage extended by its esteemed depositors, Borrowers, shareholders, and the unstinted support of its well wishers coupled with the dedication and hard work of its ever loyal employees. The Bank is now on its way of chartering a new path for itself to become a Leader in the ‘none too distant’ future in the fast moving Banking sector.

 

About MoneyGram International

MoneyGram International offers more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 190,000 agent locations in more than 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com or follow us on Facebook.

 

For Media Enquiries please contact:

Thomas Cook (India) Limited

Kruti Sharma

B: +91-22-61603333; D: +91-22-66091011; M: +91-9819998512; kruti.sharma@in.thomascook.com

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