Mangalore, Nov 7: Corporation Bank has released a new service, a Person to Person (P2P) money transfer for a remittance of small value in rural areas.
According to the bank’s press release, the bank will use Tata Teleservices’ PCO (public call office) network these transactions. Corporation Bank account holders can use P2P to transfer funds to a beneficiary’s account through business correspondents appointed by Corporation Bank. These correspondents credit the money to the account of the beneficiary, who can withdraw the funds with the help of business correspondents at his/her branch.
According to J M Garg, the chairman and managing director of the bank, rural people can avail of the new P2P service without having to travel from their villages. The facility, which has already been launched in the rural areas of Kerala, is going to spread to other regions soon.