Western Union Services India Pvt Ltd is planning to launch a new service in collaboration with the largest lender of the country, State Bank of India, said a top official of the company.

"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 said.

Presently, Western Union does not provide any direct transfer facility to bank accounts.

The company has also joined hands with Bandhan Microfinance which by acting as the company’s sub agent would enable 800 of its locations for remittance of money from outside the country by the end of this year.