Kolkata-headquartered Allahabad Bank, one of the leading government-run banks in the country, on Monday

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teamed up with the UAE Exchange & Financial Services for promotion of inward money transfer services of the bank. In the new scheme of things, Allahabad Bank will start operating as the preferred partner of UAE Exchange & Financial Services in the areas of inward money transfer with two products-“MoneyGram” and “Xpress Money”.

Soon after signing an MoU with UAE Exchange, KR Kamath, CMD of Allahabad Bank, said, “The association with UAE Exchange & Financial Services, one of the leading money transfer companies, will create enormous scope for the bank in the area of providing hassle-free inward remittance facilities to customers and also increase the fee-based income of the bank.”

Under the product “MoneyGram,” UAE Exchange will provide the bank inward money transfer services in India as an agent of MoneyGram Payment Systems, while for “Xpress Money,” the company will provide the services to the bank as an agent of UAE Exchange Centre. In both cases, the maximum amount of inward remittance shall be $2,500 or its equivalent per transaction as per existing Reserve Bank of India stipulations and the maximum number of remittances that a beneficiary can receive in a calendar year is 12. The maximum amount that can be disbursed by the bank in cash will be Rs 50,000 in both the cases.

The tie-up will be a win-win situation for both the organisations.

Under the agreement, Allahabad Bank will display the signage and other publicity materials supplied by the partner company at prominent locations and the company will arrange to provide access to the necessary proprietary software to enable the bank to offer money transfer services of the products.

V George Antony, country manager of UAE Exchange & Financial Services, said, “We happy to establish a relationship with Allahabad Bank. This will be a unique opportunity, which we will be offering to the bank. Both of us will benefit immensely through this new association. So will be the customers.”