Punjab National Bank has launched a new internet-based remittance service in cooperation with US-based Buyindiaonline.com Inc. As per this service remittances of NRIs would be credited to beneficiaries, who are PNB account holders, through a website Xoom.com. Buyindiaonline.Com is a wholly owned subsidiary of US’s Xoom Corporation and has an existing tie up with the bank since 2000. The remittances business in India, is mainly channeled through banks, which control about 70% of the market share. The market is growing at an annual rate of 15%, There has been a steady increase in the remittances from Rs. 53,280 crores in 1999-2000 to Rs. 66,861 crores in 2004-05 (till 31 December 2004).

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