Business Daily from THE HINDU group of publications
Tuesday, Mar 18, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 18, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Private Banks Marketing - Channels and Franchises Centurion forex services through India Post network Our Bureau New Delhi, March 17 The ubiquitous post office is now expanding its role to offer a wide range of foreign exchange services including money changing, travellers’ cheques, pre-paid cards and wire transfer services to the public. India Post and the Centurion Bank of Punjab (CBoP) on Monday entered into a strategic alliance to offer the latter’s foreign exchange services through the post office network. A pilot project will now be launched in 31 Head Post offices in 11 States as part of this strategic alliance. CBoP, a dominant player in foreign exchange services market, would provide training to the staff of the postal department. India Post has a full fledged money changing (FFMC) license that authorises post offices to undertake money changing business. “This alliance is a win-win situation. It is one more step in our path to getting into partnerships to leverage on the strong distribution network that we hold,” Mr I.M.G. Khan, Secretary, Department of Posts, said. He highlighted that India Post had entered into tie-ups with State Bank of India, Tata AIG and Western Union for offering various products and services through its post offices network. The current agreement with Centurion Bank of Punjab would be valid for six months in respect of 31 Head Post Offices in 11 States. After gaining experience from the pilot project, both partners may agree to enhance the scope of collaboration to cover rural areas also. Mr Khan said that India Post is also looking at a tie-up with a housing finance company for providing housing loans through the postal network. “We believe this is a major step. We are very hopeful that this alliance would be expanded to cover 100 post offices and potentially 1000s in the coming days. India Post has outstanding distribution network. People in India have a feeling of comfort in dealing with post offices as against informal channels. There is lot of faith and trust in postal system,” Mr Anil Jaggia, Chief Operating Officer, CBoP, said. Under this alliance, the post office would provide full service offering of CBoP except that of inward remittance. “We will not be doing inward remittance. It will be a full service except inward remittance. Our focus will be on outbound market,” Mr Sudarshan Motwani, Head-Foreign Exchange Services, CBoP, told Business Line. More Stories on : Private Banks | Channels and Franchises | Supply Chain Management | Financial Services
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