India

Corporation Bank launches P2P money transfer service

Mangalore | Thursday, Nov 5 2009 IST



To extend the scope of banking services under the financial inclusion project, the Mangalore based public sector Corporation Bank today launched a unique small value remittance product - Person to Person Money Transfer Service [P2P].



According to a press release here the P2P money transfer service facilitates transfer of money by paying cash at Bank appointed Business  Correspondents by an account holder of the Bank. The money gets credited to the beneficiary's account and he can withdraw through Bank appointed Business Correspondents at the other end. The Bank will use PCO network of Tata Teleservices for the transactions. The process flow for transaction was very simple and user-friendly for the rural masses, the release said.



The release said Corporation Bank has been at the forefront in implementing financial inclusion to reach out to the large segment of ''Financially excluded'' through its unique model of branchless banking, recognized as the best in the industry. The Bank has covered around 600 villages through the Branchless Banking model and has plans to reach 2000 villages by financial year 2009-10.



Extending this facility of P2P remittance is yet another initiative to provide additional banking services rendered through engaging Business Correspondents. This facility meets the much-needed requirement of speedy remittance of funds even to the remote locations through the Bank's Mobile Banking Services, the release said.