EzRemit, part of BFC Group Holdings and a leading player in money transfer services, said it has signed a strategic agreement with Punjab National Bank (PNB) to boost its distribution network in India.

The agreement with PNB, the second largest government-owned commercial bank in India, will help nearly double the EzRemit’s network in India.

With over 56 million customers and 7,500 locations across 764 cities, PNB has retained its leading position amongst the nationalized banks in India.

Under the terms of the agreement, receivers can instantly collect money from any of PNB’s branches by providing proof of identification and completing a simple receive form with the security reference number.

Also EzRemit’s services from across the globe will be made available to PNB account holders as well as to non account holders in India.

Commenting on the expansion, Ebrahim Nonoo, managing director and CEO of BFC Group Holdings said India was a priority market for EzRemit.

"Being the largest remittance market in the world with more than $50 billion received in 2009, the country represents a significant growth opportunity for our business."

"As we continue to expand our global distribution network, this strategic partnership with PNB reaffirms our commitment to reach out to our growing customer base and provide convenient and reliable money transfer services to more communities across India," Nonoo added.

With this expansion, EzRemit will offer its international money transfer services through a total of 13,800 locations in India.

MV Tanksale, executive director of PNB, said the bank has had an excellent relationship with BFC Group holding for over 10 years, having Rupee Drawing Arrangement with Bahrain Financing Company in Bahrain and Bahrain Exchange Company in Kuwait.

"The alliance with “EzRemit” will further facilitate remittances from around 50 countries particularly from Gulf region through the Bank’s large network across India," he added.                                             

EzRemit has over 700 remittance centres in over 50 countries, with more than 30,000 locations.-TradeArabia News Service