Karnataka - Mangalore

Bank introduces P2P service

MANGALORE: Corporation Bank has launched its Person to Person (P2P) money transfer service in rural areas for small value remittances.

A press release by the bank here said that the P2P facilitates transfer of money by an account holder paying cash to bank-appointed business correspondents. The money is credited to the beneficiary’s account, which he can withdraw through business correspondents at the other end. The bank will be using PCO (public call office) network of Tata Teleservices for the transactions. J.M. Garg, Chairman & Managing Director of the bank, said this facility was being proposed as an additional service to rural people, who could avail themselves of the facility without having to venture out of their villages. This facility had been launched on a pilot basis in Kerala where there was a huge migrant population. It would be spread to other areas subsequently, he said.

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