Corporation Bank, a Mangalore-based public sector financing system, on Friday launched a new and unique value remittance scheme that uses peer-to-peer file-sharing website.
In a statement, the Corporation Bank said that the new money transfer service would extend the scope of its banking services under its financial inclusion program.
Under the said program, an account holder in the said bank can facilitate the money transfer service by sending cash using P2P transfer at designated business correspondents by the Corporate Bank.
Meanwhile, the beneficiaries can claim their money at other Bank appointed business correspondents.
The statement added that the Corporation Bank has partnered with Tata Teleservices for the use of its PCO network for the following transactions. The financial company also said that they have designed the transaction process to be simple and very user-friendly for those who are getting started in the internet and the people in the rural areas.
According to the company, the move to user P2P network in their program was part of their forefront implementation of financial inclusion project, which is designed to reach out to other large segments that can be considered as “financially excluded.”
Corporation Bank said that it is the very first money transfer that would use file-sharing website as money transfer scheme. The company added that they hope to brush off negative thinking of the people regarding the usefulness of such websites.
Dubbed as the “branchless banking,” the Bank said that it is the best in the industry, saying that they would soon make it worldwide operations. To date, some 600 villages were included in the program with a masterplan to include another 2000 by the end of the year.