Thomas Cook ties up with Shamrao Vithal Co-Op (SVC) Bank Ltd to expand Money Gram services to customers

Company Brief

Mumbai, February 25, 2010

Thomas Cook India Ltd (TCIL), the India's largest integrated travel and travel related financial services company with a 360 degree end to end solutions of travel services in India, today joined hands with Shamrao Vithal Co-operative Bank. They signed an agreement to enter into a joint venture to offer MoneyGram - International money transfer service accross all SVC Banks in India on Wednesday.

This tie up will allow customers of Shamrao Vithal Co-operative Bank, to avail of the Thomas Cook- MoneyGram services, through its large network across India.

Shamrao Vithal Co-operative Bank,one amongst the three largest Co-operative banks in the country, signed an agreement with Thomas Cook to offer MoneyGram International money transfer service. The Shamrao Vithal Co-op Bank Ltd, a leading Multi State Scheduled Co-operative Bank established in the year 1906 has a rich heritage in banking spanning over 103 years. At present the Bank has 87 branches spread across 6 states with a business mix of around Rs.8,300 crores. The Bank aims to attain the dual goal of 100 branches and a business mix of Rs.10,000 crores by December 2010 through organic and inorganic growth.

MoneyGram now has 22,000 agent locations in India. Its money transfer service is approved by the Reserve Bank of India (RBI) and has been available in India for more than eight years. MoneyGram has recently invested more resources in the Indian market and introduced special pricing on transactions received into the country.

This strategic alliance supports MoneyGram's network expansion plans in India and also enables Shamrao Vithal Co-operative Bank to enrich its services to its customers. Adding to this Mr. Shrinivas Joshi, CEO, Shamrao Vithal Co-operative Bank Ltd. in agreement said "We are pleased to offer MoneyGram Money Transfer Services through our extensive, nationwide bank branches. Adding MoneyGram's Money Transfer Service will add value to our customers, Non Resident Indians and their family members in India as receiver of remittances and widen the array of services that we offer them,"

On this triumphant occasion Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. said "Reaching out to our customers is our key business policy and easing their dealings is very important to us. Our tie up with Shamrao Vithal Co-operative Bank has aided our mission to reach our growing network spread across the country, where customers can complete their financial transactions from any of the SVC Bank's branches close to their home due to its wide spread network. We as a brand constantly strive at providing a high level of convenience to the lives of our customers across all businesses."

To receive money via MoneyGram in India, the receiver can simply walk into any MoneyGram agent location, complete a simple Receive Form and show a photo identification to receive funds in as little as 10 minutes, subject to agent availability and hours of operation.

"MoneyGram's growth in India is a vital part of our global expansion plans," said Mr. Harsh Lambah, MoneyGram's Regional Director, South Asia. "India represents one of the largest remittance markets in the world and a significant growth opportunity for MoneyGram. We are proud to associate with Shamrao Vithal Co-operative Bank to offer our convenient, affordable and reliable international money transfer services to more people in more communities throughout India," said Mr. Harsh Lambah, MoneyGram's Regional Director, South Asia.

Current trends has seen a large number of NRIs settled in the U.S., U.K., Canada, Australia, Greece and the UAE, remittances of funds from these countries to their families in India is high. Also, seen are tourist locations like Goa receive significant remittances for payouts to international tourists visiting into India. The Reserve Bank of India(RBI) has guidelines on the transaction value and number of remittance, where individuals cannot receive more than 12 remittances in a year; nor can a single transaction be in excess of USD 2,500. Thomas Cook India Limited has been the principal agent with MoneyGram for over 12 years now and has been helping to stream-line the flow of foreign exchange within the country.

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Rivita Chawla

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