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Current Affairs

Federal Bank Partners with Money Gram

Current Context: Federal Bank has entered into a partnership with money transfer company MoneyGram Payment Systems which is a wholly-owned subsidiary of Money Gram International.
Federal Bank Partners with Money Gram
  • Both the finance entities has entered into partnership for direct-to-bank deposit service.
  • They will be offering cost effective direct-to bank account credit option of their account holders.
  • The feature will be highly helpful to NRI’s as they will be able to access modern, low cost, fast and easy way to transfer money to India.
  • Federal Bank enjoys a market share of more than 15% of the remittance market in India, and the tie-up with MoneyGram is expected to provide a further boost to this business.

Static Part: 

  • HQ of Federal Bank: Aluva, Kerala
  • HQ of MoneyGram International: Dallas, Texas, United States

Question:

Q.1 Federal Bank has partnered with whom to launch a direct-to-bank deposit service?
a. Paytm
b. Money Gram
c. Airtel Payment Bank
d. Phonepe
Federal Bank Partners with Money Gram Federal Bank Partners with Money Gram Reviewed by Neha Verma on May 15, 2020 Rating: 5

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