New Delhi: Sudarshan Motwani, Head-Foreign Exchange Services of CBoP stated that the foreign exchange services (FES) division of the bank is all set to swell its geographical presence to 106 locations in the country by end-March 2008.

The section that provides travel-related foreign exchange services, is presently working out of 65 locations from 23 different cities.

The division managed about $1.2 billion equivalent of forex during 2006.

“This business is all about distribution. With number of Indians travelling abroad on the rise, we cannot ignore distribution. We need to have pan-India presence and also penetrate more into the tier-II cities. By the end of March 2008, we want to expand presence to 106 locations comprising 88 branches and about 18 offsite locations. In the next year (2008-09), offsites will see faster growth than branches,” Mr. Motwani said.

Motwani is also betting more on outward remittances.