Initially, the services will be made available to SBI's 100 branches.

"Adding the State Bank of India to our agent network immensely increases consumers access to MoneyGram International's services across India. The Bank's locations throughout India will make it be more convenient than ever to receive money wherever you are in the country," said Mr Dan O'Malley, MoneyGram International's executive vice president of the Americas and Emerging Markets.

To receive a money transfer, Indian nationals simply show a secure passcode of the transaction, along with a valid photo-identification and proof of residency.

As per the RBI guidelines, Indian nationals can draw up to Rs 50,000 in cash immediately.

Transactions above Rs 50,000 are given in the form of a cheque.

Foreign nationals can withdraw cash up to the equivalent of 2,500 dollars after producing a valid Passport and Visa.