Western Union ambitious in seeking a partner in India

Ahead of the Reserve Bank of India’s (RBI) final guidelines on payment and small finance banks, financial players like Western Union are gearing up to test the banking waters. Speaking exclusively to CNBC-TV18, the money transfer company says it will work with a partner to apply for a licence reports CNBC-TV18s Gopika Gopakumar.It may be the fastest way to send money worldwide but in India, Western Union believes banking is the way to reach more people. That's despite the fact that with 1.1 lakh outlets spread across the country, Western Union has the largest network presence dwarfing all bank branches put together and for this banking foray, it is hunting for a partner.Hikmet Ersek, President, CEO & Director, Western Union said, “We always work with partners. If there is an existing banking licence, we will use that. We always work with partners who believe in empowerment of our partners in local environments. We are not going to become a full bank I guess. If that required, with a partner we will go there.Even as Western Union lays out its plans, it is still awaiting RBI's final guidelines on payment and small finance banks before taking the plunge. Meanwhile, the money transfer company is looking at expanding its business footprint in india by improving its direct-to-bank services whereby it transfers funds directly to the recipient's bank account.