PNB forays into money remittance business

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Punjab National Bank
New Delhi, May 26: The Punjab National bank (PNB) that joined hands with the US-based MoneyGram on Monday, May 26 to foray into money remittance business.

“We are happy to offer MoneyGram service through our extensive network across the country. MoneyGram will provide value to our customers and widen the range of services offered to them," bank Chief General Manager R. I. S. Sidhu said.

The company's expansion with the Thomas Cook India and UAE Exchange and Financial Services will happen in phases, MoneyGram International CEO Anthony Ryan informed.

With these services the customers will be able to receive money emitted from abroad through any PNB branch in India.

The PNB Chief General Manager (Global) Ranjan Dhawan said that the bank was planning on opening five overseas branches including a branch each in Shanghai, Dubai, Norway, a subsidiary in Vancouver, Canada, and a joint venture in Bhutan. He added that this association will help increase the share value of the company too.

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