J&K Bank today announced its expansion plan with Reliance Money Express Limited (RMEL) for offering Western Union Money Transfer services to retail customers in J&K.
This comes as a positive move to strengthen the existing relationship between the two organisations. J&K Bank has identified 45 more nodal branches in addition to the 6 branches, currently offering Western Union Money Transfer Services.
"The tie-up shall pave a way for mutually beneficial and lasting relationship between the two companies. Besides providing other business opportunities, the move shall ease things out for our customers who can now avail Western Union Money Transfer services at the nearest branch of the Bank." comments Tafazal Hussain, Executive President. He further stated that almost all branches can extend this facility through the support of designated nodal branches. "J&K Bank has a wide network of over 550 branches spread across the country, with major presence in J&K State", he states.
"This expansion will mutually benefit both the companies. Through this move there would be incremental walk-ins at J&K Bank branches, who can also target these customers for cross selling other financial products available with J&K Bank" says Vikrant Gugnani, Director – Reliance Money Express Limited.
Remittances to India have been on the rise over the last few years and it has become a major global remittance destination. Remittance inflows continue to rise due to labor migration and increasing wages. To highlight the situation, the South Indian market constitutes almost 50% of the business in the Money Transfer service industry across India.