Allahabad Bank ties up with UAE Exchange & Financial Services

Allahabad Bank, one of the leading Nationalized Banks of the country, signed a MOU today with the renowned money transfer & Exchange House M/S UAE Exchange & Financial Services Limited for promotion of Inward Money Transfer Services of the Bank. Shri K.R.Kamath, Chairman & Managing Director and Shri K.K.Agarwal, Executive Director of the Bank and other General Managers graced the occasion.

The MOU was signed by Mr. Anil Tandon, Asistant General Manager,Foreign Department Allahabad Bank , Head Office and Mr.V. George Antony, Country Manager, M/S UAE Exchange & Financial Services Ltd on 30.03.2009 in Kolkata . Under the Tie-up, the Bank shall become a preferred partner of the Company as a service provider in the area of inward money transfer in India under the two products viz., “MoneyGram” and “Xpress Money”.

Expressing his views on the occasion, Shri K.R.Kamath, Chairman & Managing Director of Allahabad Bank said that association with M/S UAE Exchange & Financial Services Ltd., one of the renowned Money Transfer Companies, will create enormous scope for the Bank in the area of providing hassle-free Inward Remittance facilities to its Customers and other banking public and also for increasing the fee-based income of the Bank.

Under the product “MoneyGram”, M/S UAE Exchange shall provide the Bank Inward Money Transfer Services in India as an agent of M/S MoneyGram Payment Systems Inc. whereas under the product “Xpress Money”, the Company shall provide the said services to the Bank as an agent of M/S UAE Exchange Centre LLC. In both the cases, the maximum amount of inward remittance shall be USD 2500 or its equivalent per transaction as per the existing RBI stipulations and the maximum number of remittances that a beneficiary can receive in a calendar year is twelve. The maximum amount that can be disbursed by the Bank in cash will be Rs. 50000/- in both the cases.

The Tie-up will be a win-win situation for both the organizations. Under the agreement, the Bank shall display the signage and other publicity materials supplied by the partner-Company at prominent locations and the Company shall arrange to provide access to the necessary proprietary software to enable the Bank to offer Money Transfer Services of the products. Commenting on the occasion, Mr V.George Antony, Country Manager of M/S UAE Exchange & Financial Services Ltd has expressed his happiness in establishing relationship with Allahabad Bank by offering the unique opportunity for becoming a preferred partner in Inward Money Transfer Services.

Kolkata
30.03.2009