Processing .....please wait.. 
The article has been forwarded.... 
Western Union inks pact with Andhra Bank
Tuesday, 08 October 2002, 19:30 IST
HYDERABAD: Western Union Financial Services Inc, a global leader in money transfer services, and Andhra Bank Monday signed an agreement to provide inbound money transfer services at the bank locations across the country.
To start with, the Western Union Money Transfer service would be available at 70 Andhra Bank locations. The network would be extended to nearly 500 locations of the bank by the end of the year.
At a news conference here, Western Union showcased a "live" money transfer transaction between agent locations in Dubai (United Arab Emirates) and Hyderabad. An Indian woman sent Rs 40,000 to her sister in Hyderabad.
Andhra Bank Chairman and Managing Director B. Vasanthan said Andhra Bank was the first public sector bank in India to launch this unique service through a tie-up with Western Union.
"This premium, world-class funds transfer service will be open to all our customers free of cost. We will have the opportunity to serve 20 million Indians living in countries across the globe," he said.
"The Western Union money transfer service is, thus, a boon to our NRI client base, as it will enable them to send money to their families in India through our network across the country," Vasanthan said.
Speaking on the occasion, Western Union Director-General (India) Anil Kapur said with the Andhra Bank alliance, Western Union has enhanced its footprint to 8,500 agent locations across 1,000 towns and cities in India.
In the last eight months alone, Western Union has more than doubled its network in the country.
In Andhra Pradesh, Western Union currently has over 660 agent locations in 96 towns and cities, with 211 agent locations in Hyderabad.
Kapur said India had been recognized as one of the top five potential countries for Western Union operations. There is a 20 million strong Indian community spread across the globe, including in the U.S., Britain, Germany, Western Europe, the Middle East and Southeast Asia.
Starting with just 50 locations in India in 1995, Western Union is poised to have 10,000 locations by December 2002.
Western Union has tie-ups with Karnataka Bank, Bank of Punjab, Lord Krishna Bank and Andhra Bank as well as the Indian Posts Department.
A five-year agreement was signed with Indian Posts in 2001 and currently 3,000 post offices have Western Union agent locations.
Kapur said Western Union considered Andhra Pradesh a key market. The state has huge contingent of NRIs abroad who need a convenient way to send money to their relatives back home.
"We are also in talks with other banks and financial institutions to provide safe, secure and reliable money transfer services," he added.
Source: IANS
Source: IANS