The Hindu Business Line : Lakshmi Vilas in pact with Western Union

MONEY TRANSFER: Mr Ramakant Nayak (left), Chairman & CEO, Lakshmi Vilas Bank, and Mr Chetan Mehra, Director, Weizmann Forex Ltd, at a function in Mumbai.

Mumbai , Dec. 5

The Karur-based Lakshmi Vilas Bank Ltd has tied up with Western Union Financial Services for offering global money transfer facility to its customers.

The Bank has entered into an agreement with Weizmann Forex Ltd, the primary agent of Western Union Financial Services Inc, recently.

The services would initially be extended to 150 branches located in the rural and semi-urban areas. The bank has also rolled out Core Banking System, with which it will deliver online money transfer services soon, said Mr R.M. Nayak, CEO and Chairman of the bank.

With the money transfer agreement with Western Union, the bank hopes to reach a large number of non-resident Indians who regularly remit money to India. The bank will offer them hassle free services, he said.

Mr Nayak said through tie-ups with other financial service providers, the bank is offering its customers products such as bankassurance, mutual funds and credit cards.

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