Reliance Money to double market share

Bangalore, Sep 1: Reliance Money, the finance products distribution company of Anil Dhirubhai Ambani group, proposes to double its market share and volumes by next few years, Company Director and CEO Sudip Bandyopadhyay said today.

He was speaking after unveiling the new brand identity to Travelmate Services acquired by Reliance Capital in November 2006, and christened as Money Transfer Services (MTS) in the presence of Western Union Worldwide CEO Christina Gold.

Ms Gold also launched Western Unioon's 45,000th Agent location here. It would be operated by Reliance Money Express.

Speaking on the occasion, Ms Gold said that "in 2005 I had inaugurated 21,000th Agent branch in India and within two years the number has more than doubled and Western Union services are now available at 45,000 locations across the country".

Elaborating on the potential of the Money Transfer Service business in India, Mr Bandyopadhyay told newsmen that "India is the largest recipient of global remittance of around USD 27 billion, more than 10 per cent of the total global remittance inflow of USD 240 billion and this was continuously rising due to labour migration and increasing wages.

He said that the company proposes to set up 10,000 kiosks and distribute its products through a strong network of 10,000 retail outlets across the country by year end.

At present Reliance Money Express operated through 3400 outlets spread over 800 cities and towns across the country and handles close to 100,000 transactions per month with a daily average inward remittance of USD 1.4 million.

UNI