Western Union Services India Pvt Ltd is planning to launch a money transfer service with State Bank of India, the largest lender in the country, in March, a top company official said in Kolkata on Wednesday.
"It will be a new service in India and SBI would be the first to offer...we plan to launch it in March," Anil Kapur, Managing Director, told reporters.
The New York Stock Exchange-listed Western Union does not offer direct transfer to bank accounts at present. Money is physically handed over to customers through a network of agents.
Western Union has tied up with Bandhan Microfinance, which, as Western Union's sub-agent, would activate 800 of its locations by the year-end for the remittance of money from outside.