IndianOil inks MoU for money transfer service
New Delhi   09-Oct-2007
State-run Indian Oil Corporation has signed a memorandum of understanding (MoU) with the UAE Exchange and Financial Service Ltd to offer Money gram International money transfer service. This is a key strategic alliance as it supports Money Gram's network expansion plans in India and also enables Indian Oil to enrich its service to its customers, a press release issued by Money Gram said here on Monday. "This is in line with our mission to provide our customers with a convenient, affordable and reliable money transfer service world- wide," Money Gram India's regional director, South Asia, Harsh Lambah, said. Money sent through Money Gram can be recieved across over 200 branch locations of UAE Exchange and the designated sub-agent locations including Indian Bank, Dhanalakshmi Bank, Development Credit Bank and Shriram City Union Finance, among others. Money Gram now has 9,900 agent locations on the Indian sub-continent and its money transfer service is approved by the Reserve Bank of India. Recently, it has introduced special pricing on transactions received into the country, the release added.