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Western Union seeks FIPB nod for unit

Calcutta, Dec. 3: Western Union Financial Services Inc of USA has approached the Foreign Investment Promotion Board (FIPB) for permission to set up a 100 per cent subsidiary to operate as a money transfer company.

“The FIPB has allowed us to operate as a non-banking financial company in India and asked us to invest $ 50 million. But since we do not accept deposits, we have requested them to allow us to operate as a money transfer company,” regional director for south Asia Anil Kapur said.

The Indian operations being a profitable one, Western Union Financial Services is keen to set up a subsidiary in the country.

Kapur said the company is looking to spread its presence to 15,000 locations by the end of this financial year.

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