India Post ties up with MoneyGram for money transfer solutions

India Post, the largest postal distribution network in the world, has joined hands with global money transfer company MoneyGram International to offer convenient money transfer solutions to Indians.

Union minister of communications and information technology Kapil Sibal launched the scheme by conducting a remittance transaction through the MoneyGram service and displayed. The transaction was made from UAE to Delhi.

Speaking on the occasion, Sibal said the remittance scheme would supplement the government's financial inclusion initiatives, especially in the rural areas where more than 50 per cent Indians do not have bank accounts.

"Transacting money without a bank account will make a difference in the lives of the citizens," he said.

Starting today, 100 major post offices in Delhi, Punjab and Tamil Nadu circles will begin offering MoneyGram instant inward money transfer services. MoneyGram's services will be extended to other post offices and circles in the country in a phased manner. The service is expected to be available in 5,000 post offices in the country by 2014.

India Post and MoneyGram have planned a joint marketing endeavor in a number of states.