Wednesday, November 16 2005 16:34 Hrs (IST) - World Time -

Bangalore: Money Gram International, a leading global payment services company, has applied to the Government of India to establish an office in Mumbai to support its agents in expanding the money transfer business in India.

About $ 23 billion in private transfers come to India every year, with the US and Middle East accounting for major portion of the money sent to India, according to a statement from Money Gram, which has 84,000 money transfer agent locations in 170 countries.

Money Gram's money transfer service, the statement said, has been approved by the Reserve Bank of India (RBI) and has been available in India for more than eight years. In the last two years, Money Gram has stepped up its efforts to establish additional locations in the growing market of India.

Money Gram has named Harsh Lambah as its first country manager for India.

"The growth prospects in India are tremendous as there are more than 20 million Indians overseas", said Lambah.

Money Gram's festive offer now makes it possible for Non-Resident Indians (NRI) in the United States to send money to their families in India through Money Gram agent US Bank at a flat $ five fee. The offer is open for all transactions till December 31, the statement added.