Western Union, SBI tie up for direct cash-account transfer facility -Governance Now

Western Union, SBI tie up for direct cash-account transfer facility

Consumers can send money from 3,70,000 Western Union outlets into their SBI online account

PTI | July 23, 2010

Global payment services major, Western Union has tied up with State Bank of India (SBI) to enable international direct cash-to-account transfers.

The scheme is expected to become operational early next year, read the Western Union press release.

Indians working and living overseas, and general consumers holding SBI accounts will be able to send international cash transfers from Western Union directly into SBI online banking-linked accounts following an agreement between SBI and The Western Union Company, it read.

The new arrangement will allow consumers to send money from any one of the 3,70,000 global locations of Western Union into their SBI online account, thus complementing SBI's existing online remittance facility.

"Providing a new way of transacting means consumers receiving the money will have 24x7 access to their money, whether that is through online banking and ATMs or bank branches during business hours," Western Union India's Regional Vice-President, Kiran Shetty, said.

SBI has 110 million account holders of which 4.16 million customers are registered for online banking.

Comments

Other News

Mofussils: Musings from the Margins

Provincials: Postcards from the Peripheries By Sumana Roy Aleph Book Company, 320 pages, Rs 899 Sumana Roy’s latest work, like its p

How to promote local participation in knowledge sharing

Knowledge is a powerful weapon to help people and improve their lives. Knowledge provides the tools to understand society, solve problems, and empower people to overcome challenges and experience personal growth. Limited sources were available to attain information on the events in and arou

‘The Civil Servant and Super Cop: Modesty, Security and the State in Punjab’

Punjabi Centuries: Tracing Histories of Punjab Edited by Anshu Malhotra Orient BlackSwan, 404 pages, Rs. 2,150

What really happened in ‘The Scam That Shook a Nation’?

The Scam That Shook a Nation By Prakash Patra and Rasheed Kidwai HarperCollins, 276 pages, Rs 399 The 1970s were a

Report of India’s G20 Task Force on Digital Public Infrastructure released

The final ‘Report of India’s G20 Task Force on Digital Public Infrastructure’ by ‘India’s G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development’ was released in New Delhi on Monday. The Task Force was led by the