IPPB: India Post Payments Bank in partnership with Ria Money Transfer has launched international remittance service at 25,000 locations and will expand it to over 1.65 lakh locations.
IPPB Money Remittance Service: India Post Payments Bank (IPPB) has started remittance from abroad to India in partnership with Euronet’s Ria Money Transfer. A senior IPPB officer gave this information on Wednesday. IPPB Managing Director and Chief Executive Officer (CEO) R Vishwaswaran said that the person receiving money from abroad will not have to pay any fee when the amount comes into the account and only the sender will have to pay the charge for sending the money to Ria Money.
What did the Managing Director of IPPB say
R Viswesharan said that our aim is to remove the barriers of the unbanked and underbanked people. We are now launching international remittance service in partnership with Ria Money Transfer at 25,000 locations. This will be gradually expanded to cover our entire network of more than 1.65 lakh locations.
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Facility to withdraw full or partial amount will be available
A top official of Ippb, a payment bank operated under the postal department, said that through this service, the recipients of money will have the option of withdrawing the entire amount or partial amount as per their choice.
You can also send money to IPPB account
Vishwaswaran said that those receiving money from abroad will also have the option of sending the money to their IPPB account. This is a paperless process. They can withdraw the money using biometrics. This service will be delivered to their doorstep through a postman and no charges will be levied on the recipients.
Ria Money Transfer has presence in 200 countries
Ria Money Transfer Chief Operating Officer (COO) Ignacio Reid said the company has a presence in nearly 200 countries and has a 22 per cent market share in the money remittance segment. “We have been operating in India for the last 10 years. With this partnership with IPPB, we expect to increase the number of our locations in India by about 30 per cent,” Reid said.
