Western Union, the global payment services company has joined hands with the largest lender of the country, State Bank of India in order to facilitate international direct cash to accounttransfers.
The scheme would be coming into operation from next year.
According to the release, Indians residing abroad and all SBI account holders will be able to transfer cash on international level from Western Union to SBI's online facilitated accounts.
As per the tie up customers will be able to send money from any location out of the 3,70,000ones of Western Union into the online SBI accounts.
"Providing a new way of transacting means consumers receiving the money will have 24x7 access to their money, whether that is through online banking and ATMs or bank branches during business hours," Western Union India's Regional Vice-President, Kiran Shetty, said.
Out of the 110 million account holders of SBI globally, 4.16 million are registered for online banking facility.