Sunday, 20 May 2012
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Tax and Revenue Management
India Post provides new money transfer services
As support to the Government’s financial inclusion ambitions, the India Post has sealed an alliance with Moneygram, a global money transfer company, to provide cross-border money transfer services to an estimated 30 million Indians living overseas.
According to an official statement, the number of Indians living abroad is growing, however sending money back home proved to be a challenge particularly to those located in rural areas, where banks only have 5 per cent coverage.
Radhika Doraiswamy, Secretary at the Department of Posts, said that India Post had been involved in paper-based international money transfer services for a while.
“This effort will definitely help India Post to provide valuable service to our customers in a fast, convenient and cost-effective manner,” Doraiswamy said.
India Post at present has a network of more than 150,000 post offices, MoneyGram services will be offered in 100 of the largest branches in Delhi, and in the Punjab and Tamil Nadu regions.
In addition, service coverage could also receive a boost from current efforts to extend postal banking systems to the 25,000 departmental post offices that now have computer access.
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