Muthoot Money transfer targets Rs 7000 cr transactions

Nov 30 2012, 17:34 IST
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Muthoot targets Rs 7000 cr transactions. (Reuters) Muthoot targets Rs 7000 cr transactions. (Reuters)
SummaryMuthoot Money Transfer is one of the main business divisions of the Muthoot Group.

Muthoot Money Transfer, one of the main business divisions of the Muthoot Group, a multifaceted diversified business conglomerate is all set to double its money transfer business transactions from current level of Rs 3500 crores to Rs. 7000 crores by the end of this fiscal year.

Having over 200 branches in Punjab and Chandigarh and overall 4000 branches across the country, Muthoot Money Transfer, A one-stop-destination for all money transfer services provides the services of Western Union, Xpress Money, Moneygram, Royal Money Transfer, Ez Remit, Instant Cash, Transfast and Wire Money through its branches.

The company is launching a month long road show beginning December 1. The campaign commencing from Chandigarh will gradually move to different locations in the state including Mohali, Ludhiana, Moga, Jalandhar, Hoshiarpur, Amritsar, Bhatinda, Patiala among others and back to Chandigarh. The road show will also give the masses an opportunity to obtain personalised advices and consultation from the company officials of Muthoot Money Transfer.

Avinav Chaubey, AGM-Marketing told at a press conference here today that “the key insight behind our ongoing countrywide campaign is to raise awareness about safe remittances, educate the masses about Muthoot Money Transfer services and its easy accessibility through the widespread Muthoot Finance branches.”

Jose Allesh, Chief Manager, Muthoot Money Transfer said, “due to the economic slowdown in 2010, there was a stagnant position in inward remittance but in 2011, when the economy regained, Muthoot did a record of one and half million money transfers. This year, it is seeing a 10-13 percent growth in the industry and aim to double money transfer business transactions to Rs 7000 crores in value term by the end of this fiscal.” The Muthoot Money Transfer is expecting 3 million money transfers annually in financial year 2012-13.

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