Under the terms of the agreements, the two banks will start offering MoneyGram money transfer services, extending the company’s reach into smaller towns in the states of Maharashtra, Karnataka and Gujarat. Available in the country since 1997, MoneyGram’s money transfer service is approved by the Reserve Bank of India (RBI). With the two additions, the number of Indian banks offering MoneyGram’s services has reached eighteen. Statistics released by the World Bank indicate that remittances in India reached USD 52 billion in 2008.
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