Western Union opened its 100,000th location in India at Dena Bank's Sandhurst Bridge branch in Mumbai
Mumbai: The NYSE-listed Western Union Company, a global leader in money transfer services, announced that it has opened its 5,00,000th agent location in New York and its 100,000th location in India, reports PTI.
Western Union opened its 100,000th location in India at Dena Bank's Sandhurst Bridge branch. Western Union services are offered through Dena Bank via Weizmann Forex, the company's principal agent.
“Western Union locations in India now accounts for a fifth of our world total, starting from a single location at Connaught Place in New Delhi. The company's network in India has doubled in size in only four years and now reaches over 4,000 cities across the country,” Western Union India managing director Kiran Shetty told reporters.
Nearly $55 billion was remitted into the country, majority from Gulf countries last year and the company is bullish over the remittance flow in the country.
“India emerges as driving force in growth of global money transfer industry. The current slow down in the world economy has not impacted the company's growth and we are bullish on remittance flow from the Indians living abroad,” Mr Shetty said.
At the separate event in New York, the site of the 500,000th location, the company announced a $500,000 commitment to fund economic development and entrepreneurship programmes in India, the Philippines, China, Mexico and New York City over a five-year period.
Western Union is currently expanding its portfolio of financial services. The network spans more than 200 countries and territories. Its strategy is to provide mainstream financial services—cash, card or digitally-based—to under-served consumers and businesses globally.
“The corporation has developed website www.uppclonline.com on which consumers could register themselves by entering their account number and bill number to pay their bills,” UPPCL chairman Avnish Awasthi said
The Reserve Bank of India had surprised all by slashing the repo rate at which it lends to the banks by 0.50% to 8% at its annual monetary policy announcement on 17 April 2012
Mumbai: Kerala-based Federal Bank cut its base rate or the minimum lending rate by 0.20% to 10.45% following last week’s Reserve Bank of India’s (RBI) reduction in the key policy rate, reports PTI.
The bank action will be applicable from 2 May 2012, it said in a statement.
The RBI had surprised all by slashing the repo rate at which it lends to the banks by 0.50% to 8% at its annual monetary policy announcement on 17 April 2012.
Reacting to the move, all the bankers had said this will lead to lower rates but some opined that the deposit rates will go down first and the reduced cost of funds will trigger base rates decreasing.
Other lenders like ICICI Bank, IDBI Bank and Corporation Bank have already announced cut in interest rates.
State Bank of India, the country’s largest lender has cut rates on select offerings, but is keeping the base rate intact.
Federal Bank reduced term deposit interest rates by up to 0.25% depending on maturity, the statement said.
The reduced deposit rates will be effective from 26 April 2012, it added.