Date:29/12/2005 URL: http://www.thehindubusinessline.com/2005/12/29/stories/2005122902470600.htm

Back SBI ties up with Western Union

Our Bureau

Mumbai , Dec. 28

STATE Bank of India has announced a tie-up with Western Union to offer inward remittance facilities.

This is part of SBI's strategy to leverage its retail distribution network, said Mr Ashok Kini, Managing Director and Group Executive, National Banking, SBI.

"Remittances will be a significant product in our range as new areas of trade are being opened up for India," said Mr Kini. In the first phase, the Western Union service will be available in 200 branches in four SBI circles — Chandigarh, Kerala, Hyderabad and Bangalore.

As of now, SBI offers remittance through its NRI desks, overseas branches. In smaller towns, the bank will reach out to customers about the remittance service.

As per the tie-up, Western Union money transfer services will be available in select SBI branches. Those wishing to avail themselves of the facility need not open an account with SBI. Kuoni Travels, which is an authorised agent of Western Union, will provide assistance in back-office and front-end operations, said Mr Anil Kapoor, Managing Director, Western Union Services India.