MoneyGram International, a U.S. financial services company, will soon extend its money transfer services to two cooperative banks in India, Abhyudaya Co-op Bank Limited and Thane Janata Sahakari Bank Limited [1,2,3,4]. This brings the total number of banks in India offering MoneyGram’s money transfer services to 18, with Abhyudaya and Thane Janata Sahakari being the first cooperatives to do so [1]. MoneyGram has offices in New Delhi and Mumbai, and this deal will extend the company’s reach to “smaller cities and towns in the states of Maharashtra, Karnataka, and Gujarat” [1]. According to the World Bank, Indian remittances in 2008 totaled USD 52 billion [1].
By Christopher Maggio, Research Assistant
About:
Thane Janata Sahakari Bank Limited
Description:
Thane Janata Sahakari Bank Limited is an Indian cooperative bank that was founded in 1972. The bank has branches in the cities of Thane, Mumbai, Navi Mumbai, Nasik, and Pune. It offers various services including deposits, commercial loans, mortgage loans, educational loans, and foreign exchange. The bank also offers a “Non Resident External Rupee Account” to “persons of Indian nationality or origin residing abroad”. In December of 2009, MoneyGram, the U.S. financial services company, announced that it would be offering money transfer services at Thane Janata Sahakari Bank Limited.
Janata Sahakari Bank Limited does not report to the MIX Market, the microfinance information clearinghouse.
Organization’s Website:
http://www.thanejanata.co.in/index.html
Just the Facts:
– Country of Incorporation: India
– Year Founded: 1972
– Legal Status: Multi State Scheduled Cooperative Bank
– Deposits: USD 503.9 million (as of 31/March/09)
– Area of Operation: India
– Products/Services: Deposits, Commercial Loans, Mortgage Loans, Educational Loans, and Foreign Exchange
– Fund Currency: INR
Contact Information:
HEAD OFFICE : Madhukar Bhavan, Road No. 16, Wagle Estate, Thane – 400 604.
Ph. +91 022 2583 85 00, Fax +91 022 2583 8550
Contact us – tjsb@bom5.vsnl.net.in
http://www.thanejanata.co.in/contact-form.htm
Additional Resources:
Thane Janata Sahakari Bank Limited Annual Report 2008-2009: http://www.thanejanata.co.in/2008-2009.pdf
Bibliography:
[1] PR-Inside article entitled ‘MoneyGram International Expands Money Transfer Services to Rural Areas in India’: http://www.pr-inside.com/moneygram-international-expands-money-r1617885.htm
[2] MoneyGram International: https://www.moneygram.com/MGIRewards/Change/index.htm?IPCheck=fail
[3] Abhyudaya Co-op Bank Limited: http://abhyudayabank.co.in/profile.php
[4] Thane Janata Sahakari Bank Limited: http://www.thanejanata.co.in/
Source Article:
PR-Inside article entitled ‘MoneyGram International Expands Money Transfer Services to Rural Areas in India’: http://www.pr-inside.com/moneygram-international-expands-money-r1617885.htm
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