CBoP plans tie-ups with travel firms

The Foreign Exchange Services (FES) division of Centurion Bank of Punjab Limited (CBoP) is contemplating forging tie ups with travel companies like Kuoni Travel Group and Cox & Kings for launching various travel products.

Aimed at offering convenience in payments and credit to travellers, the FES division plans to launch a slew of products including holiday loans and travel-oriented cards.

The move is aimed at cashing in on the growing outbound tourism market in India. The number of Indians travelling abroad is set to reach 50 million by 2010.

"We have already launched loans for education abroad and are planning to initiate talks with major travel companies like Kuoni or Cox & Kings for various travel products like holiday loans and travel-oriented cards," said Sudarshan Motwani, head of the FES division, Centurion Bank of Punjab.

The FES division, which deals in non-trade foreign exchange services like travel, also plans to expands its number of bureaus by setting up around 106 bureaus by the end of March 2008.

Of these, the bank hopes to launch around 15 bureaus in Gujarat where it is already present in cities like Ahmedabad, Vadodara, Surat, Rajkot, Mehsana and Bhuj.

The division also sponsors around 600 education consultancy agencies through pre-departure orientation on forex.