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.
- 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
a. Paytm
b. Money Gram
c. Airtel Payment Bank
d. Phonepe
