Federal Bank tie-up with MoneyGram for direct-to-bank deposits service

A private sector bank, Federal Bank Limited tie-up with MoneyGram Payment System to offer a cost-effective direct-to-bank account credit option for customers in India. This tie-up will help the non-resident Indians with access to modern, low cost, fast, easy and reliable ways for transferring money to India.

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This partnership will help the people to send and receive money to their families in the COVID-19 pandemic situation. Federal Bank has a 15% share of the country’s remittance market and expects that the tie-up with MoneyGram will give the business a further boost.

Important takeaways for all competitive exams:

• Federal Bank Limited Chairperson: Grace Elizabeth Koshie.
• Federal Bank Limited MD & CEO: Shyam Srinivasan.
• Federal Bank Limited Headquarters: Aluva, Kerala.
• MoneyGram Chairman & CEO: Alex Holmes.
• MoneyGram founded: 1988.

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