Bharti Walmart, Bharti Retail tie up with MoneyGram Intl

The service has been rolled out at 121 ‘easyday’ and 11 ‘easyday Market’ stores operated by Bharti Retail

Bharti Walmart and Bharti Retail have launched MoneyGram International’s money transfer service at their stores in association with Thomas Cook India.

The service has been rolled out at 121 ‘easyday’ and 11 ‘easyday Market’ stores operated by Bharti Retail across India and at six ‘Best Price Modern’ wholesale stores run by Bharti Walmart, the 50:50 joint venture venture between Bharti Enterprises and Wal-Mart Stores Inc.

Thomas Cook is a principal agent of Moneygram International in India.

“At Bharti Walmart, it is our endeavour to help people save money and the launch of convenient money transfer service through our stores brings us a step closer to achieving that,” Bharti Walmart managing director and CEO Raj Jain said.

As per RBI guidelines, Indian nationals can draw up to Rs50,000 in cash through the service after showing valid identity documents. For transactions above Rs50,000, they will be provided a cheque.

Foreign nationals can also avail of the service for up to $2,500.

“The tie-up will help Moneygram expand its footprint in India and increase the brand awareness,” Moneygram International executive vice-president Dan O'Malley said.

Currently, Moneygram services are available across 30,000 locations across India.

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PNB to finalise life insurance partner by June

If PNB picks up stake in any life insurer, either domestic or overseas partner will have to dilute stake in the insurance firm

Public sector lender, Punjab National Bank (PNB), intends to finalise the partner for its life insurance foray by June.

“We hope to finalise the partner this quarter,” Punjab National Bank chairman and managing director KR Kamath told PTI. The bank shortlisted 10 entities from 41 and further it was narrowed down to three, he said.

The three shortlisted life insurers include Bharti AXA, Aviva and Metlife.

The bank will finalise the partner for life insurance business based on the evaluation of the proposals submitted by these insurance companies, he said.

If PNB picks up stake in any life insurer, either domestic or overseas partner will have to dilute stake in the insurance firm.

Aviva India is 74:26% joint venture between FMCG player Dabur India and UK-based Aviva Plc while Bharti AXA Life Insurance is joint venture between Bharti Enterprises and AXA of France.

Metlife India stakeholders include Jammu and Kashmir Bank, Shapoorji Pallonji and other investors besides Metlife of the US.

Last year, PNB announced its plans for a strategic partnership with an insurance player. The bank had said it has decided to participate in the life insurance venture through “a corporate agency tie-up along with equity participation in an existing Indian life insurance company”.

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Indian Overseas Bank, American Express launch premium credit cards

The Gold and Platinum credit cards offered would be available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai

Indian Overseas Bank (IOB) has launched premium credit cards targeting elite customers in association with American Express.

As per the association, IOB and American Express would jointly promote the cards that would feature the logos of both the companies, the IOB chairman-cum-managing director, M Narendra said.

Initially, the Gold and Platinum credit cards offered would be available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai.

Currently, IOB has about 40,000 credit card customers, Mr Narendra said, adding that, “With this tie-up, our plan is to add 50,000 credit cards in three months and five lakh cards in the next two-three years.’’

Stating that its tie-up with IOB would help increase its subscriber base significantly, the American Express Banking Corporation country manager and consumer card-head, Mr Shailesh Baidwan, said “ ...it marks a special beginning for two large financial institutions.’’

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