India Post, the largest placement postal network in the world, and MoneyGram International, the fastest flourishing universal allowance transfer company, assimilated hands in an authorized launch rite in India’s funds — New Delhi, announcing the start of their tie-up, graced by the participation of Shri Kapil Sibal, Hon’ble Minister of Human Resource Development, Communications Information Technology, and Shri Sachin Pilot, Ministers of State for Communications Information Technology and Ms Radhika Doraiswamy, Secretary Department of Posts and Shrimati Manjula Prasher, Member (Operations Technology) Postal Services Board.
At the rite hold in New Delhi Thursday, Shri Kapil Sibal strictly inaugurated the start of the long-term grouping by conducting a remittance contract by the MoneyGram service, displaying the ease of the financial transaction.
Starting this week, 100 critical Post Offices in Delhi, Punjab and Tamil Nadu Circles began gift MoneyGram present central allowance transfer services. MoneyGram’s services will be lengthened to other Post Offices and Circles in the nation in a phased manner. The service is approaching to be existing in 5,000 Post Offices in the nation by 2014. India Post and MoneyGram have programmed a joint selling try in a number of states.
After rising the service, Shri Kapil Sibal, Hon’ble Minister of Human Resource Development Communications IT said, “according to the World Bank, remittances to building countries are estimated to have reached $325 billion in 2010. India is the world’s largest central remittance market. Last year, the nation received $53.1 billion in remittances. These remittances supply source of provision for millions of bad households. International central remittances to farming areas encouragement financial inclusion initiatives of the Government of India. India Post, with its network of over 155,000 post offices, plays a main purpose in achieving the design of financial inclusion. Despite successive diversification in add-on to its core functions, the Post Office is able to keep the certitude reposed by the adults of the country. we can say with honour that this has been probable since the honest and overworked work force of India Post. The partnership between India Post and MoneyGram is approaching to enlarge exchange from key remitter countries, inclusive the United States, the United Arab Emirates, the United Kingdom, Canada, Australia and Saudi Arabia.” He wished the partnership a great success in providing hasty and effective service to the adults of the country.
Shri Sachin Pilot, Hon’ble Minister of State for Communications IT, in his residence mentioned “international central remittances are personification an increasingly considerable purpose in the economies of many countries, contributing to mercantile expansion and to the livelihoods of reduction moneyed people. For a few tiny building countries, central remittances are as high as a third of their GDP. For India, remittances contributed to 3.6% share of GDP in 2009. The Indian Diaspora is estimated to be over 30 million. The Government of India recognizes the significance of India Diaspora as it has brought economic, financial and universal benefits to India. India is on the swift follow to mercantile development and is estimated to be the world’s second largest manage to buy by 2020 and already flourishing at 8-9% per annum. Our manage to buy has withstood the universal mercantile meltdown and has in fact shown extensive growth, interjection to the burly fundamentals. This partnership with MoneyGram will supply profitable service to those customers, quite in farming areas, who are not entirely served by banks and other financial institutions. This service needs to be stretched to more number of post offices at the earliest.”
Ms. Radhika Doraiswamy, Secretary, Department of said, “India Post has long been in general allowance transfer service by its normal paper-based Money Order service to many countries. Post Offices are being upgraded in phases beneath “Project Arrow,” that aims at enhancing the Core Operations and Look Feel of Post Offices opposite the country. Present opposite India and embedded in local communities, we comprehend the adults and their needs. The amicable aptitude of India Post has gained movement in the new past by active participation of Post Offices in value of salary to the farming bad beneath the Mahatma Gandhi National Employment Guarantee Scheme via the country. We work tirelessly to expand access not usually to letter services, but to financial services for all, and it is in this context that the society with MoneyGram, a heading universal allowance transfer company, is significant. This tie-up will help India Post to supply profitable service to the customers in a fast, convenient and cost-effective manner.”
Shrimati Manjula Prasher, Member (Operations Technology) Postal Services Board mentioned “all departmental post offices numbering around 25,000, that are already computerized, are approaching to be covered beneath Core Banking Solution (CBS) by 2012-13. Plans are stirring to supply Rural ICT to all 1.3 lakh bend post offices in the country. India Post is endeavour dissimilar actions by leveraging its network to augment revenues. Our Post Offices have more than 10 years’ of experience in providing present general allowance transfer service. This profitable experience will be of great help to make the society with MoneyGram a successful and permanent one.
Speaking at the authorized ceremony, Harsh Lambah, MoneyGram’ Senior Regional Director for South Middle East said, “MoneyGram’s teaming with India Post reaffirms the company’s commitment to portion its hundreds of thousands of customers in the world’s largest remittance take marketplace and the value MoneyGram brings India Post’s business and customers. Bringing India Post, one of the world’s largest postal services to the network is really exciting. We are unapproachable to work with such a prestigious network associate and this attribute fuels the goal to help more people by providing India Post’s millions of customers with affordable, swift and arguable allowance transfer services.”
MoneyGram views it as beneficial to enter into with national postal systems, as these supply consumers with a singly convenient and arguable way to access affordable allowance transfer services. With the add-on of the India Post, MoneyGram right away has agreements with more than 20 universal post office networks, inclusive Canada, Jamaica, Kenya, Italy, Morocco, Moldova, Poland, Ukraine and the United Kingdom.
About MoneyGram International
MoneyGram International, a heading universal allowance transfer company, enables consumers who are not entirely served by normal financial institutions to encounter their financial needs. MoneyGram offers allowance transfer services worldwide and bill remuneration services in the United States and Canada by a universal network of more than 244,000 representative locations–including retailers, general post offices and financial institutions–in 192 countries and territories around the world. For more information on allowance transfer or bill remuneration at an representative place or online, greatfully revisit www.MoneyGram.com or link up with us on Facebook.
About India Post
The Indian Post Office, in the present form, has finished 156 years of its existence. In fact, it will be completing 157 years by October 1st 2011. During this long journey, it has undergone successive mutation according to the needs of the citizens. A network of 1.55 lakh Post Offices in the country, the largest in the world, of that more than 1.39 lakh are in the farming area, is demonstrative of its commitment of providing simple postal services via the nation at an affordable price. It moreover provides assorted financial services similar to tiny extra savings instruments beneath Post Office Savings Bank and Money Remittance, both made at home and international.
SOURCE: MoneyGram International