Mumbai, Feb. 06, 2006
Darshan Malhotra
NRI press
NRIs and other foreign customers will get benfit
by an agreement betwwn Western Union and the Bank
of Maharashtra (BoM) and services would be available
at 450 branches of Bank of Maharashtra in the first
phase.
After nationalization in 1969, the bank expanded
rapidly. It now has 1292 branches (as of 30th September
2005) all over India. The Bank has the largest network
of branches by any Public sector bank in the state
of Maharashtra.
Maharashtra is the third highest state in India
in terms of volume of foreign remittance received.
Given Bank of Maharashtra’s wide reach in Maharashtra,
it will be an added benefit to business growth for
the banks, service to the people of the state.
It has been reported that the total foreign inward
remittance to the country from NRIs is to the tune
of US $ 21.7 billion approx.per year. Bank of Maharashtra
handled inward remittance of US $ 12.69 million during
the year ended March 2005 and US $ 8.49 million during
the half year ended September 2005.
