Reliance Capital is now a principal agent of Western Unions in India
Mumbai, Feb 14 (UNI) Western Union, a leading provider of global money transfer services, today announced that Reliance Capital Ltd, the Anil Dhirubhai Ambani Group financial services firm, is now one of Western Union's principal agents in India.
This relationship has come into effect after Reliance Capital acquired cent per cent stake in Kuoni Group's foreign exchange unit Travelmate Services (India) Pvt Ltd in November last year.
The 36,000 strong Western Union Agent location network comprises of over 3,000 Travelmate locations.
In a statement here, Western Union Financial Services MD (South Asia) Anil Kapur said ''Western Union's association with Reliance Capital, one of the leading business groups of India, is a very significant benchmark for us at Western Union. We are looking forward to a mutually beneficial and long term relationship with Reliance Capital by reaching out to many customers who depend on the Western Union network to receive money sent to them from their loved ones abroad.'' According to The World Bank's Global Economic Prospects report-2006, India is the world largest receiver of remittances with 23.4 Billion US dollars being remitted into India.
UNI