Public sector lender, Vijaya Bank and global money transfer company MoneyGram have entered into an agreement for fund transfer facility through all branches of the bank.
"We will offer money transfer facility at all our branches and that will now be facilitated by MoneyGram," Albert Tauro, chairman and managing director, Vijaya Bank, said.
The agreeement will also envelop travel services company Thomas Cook and UAE Exchange which will act in facilitating travel and money exchange related financial services, said Tauro.
The last fiscal has been estimated to generate a global remittance market worth $ 400 billion of which $ 55 billion came from Indians settled abroad.
"We want to tap this market as many of our customers send money from West Asia which is now easily remitted to their relatives in the country," Tauro added.
Referring to the issue, Harsh Lambah, regional director-South Asia of MoneyGram India, said the deal would strengthen their India presence.
"We have tied up with public sector banks like Corporation Bank and Punjab National Bank for providing remittance services. After the tie-up with Vijaya Bank, our presence will rise in southern India," he added.