The new product was formally launched by J M Garg, Chairman & Managing Director of the Bank in Mumbai. For this service Corporation Bank has tied up with Tata Tele Services (mobile operator) and Paymate India Pvt. Ltd. (a wireless transactions platform provider) by engaging Business Correspondents (BC) for facilitating P2P transfer.
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 which he can withdraw through Bank appointed Business Correspondents at the other end. Corporation Bank will be using PCO network of Tata Teleservices for the transactions.
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