Spelling out the difference between India Post’s mobile money transfer and inter-bank money transfer during the launch, M.S. Ramanujam, Chief Postmaster-General, Karnataka Circle, said this service is confined to India. “We are the first players to provide this service in the domestic market. This is expected to help many sectors including migrants who are working in different States and who want to send money to their family members in different places,” he said.
Chief General Manager, BSNL, R.K. Mishra said the service would benefit rural masses as there are more than 1,500 post offices in Karnataka. “I expect that the service will be extended to all the post offices across the State,” he added.
How to use: To use the service, senders would need to visit the post offices in the region where the service is available, deposit the amount and give the receiver's details. After this, they would get a 16 digit transfer code on his mobile phone, which they would need to send to the recipient via SMS. The recipient can claim the money at a nearby post office, by showing the transaction code and verifying his identity. Receipent also needs to withdraw the money within 7 days of transaction. The Department of Post had previously said that it intended to connect all 1,55,000 post offices, across the country.
Charges: While telecom minister, Kapil Sibal, has urged both the departments to not charge a fee for transfer of money for the BPL category, the fee has not been waived off yet. So anyone using this service, in BPL category or otherwise, will be charged Rs 45 for sending money in the range of Rs 1000-Rs 1500, Rs 79 for funds ranging between Rs 1501-Rs 5000 and Rs 112 for money transfer in the range of Rs 5001- Rs 10,000.
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