Pilot project currently underway in partnership with OXIGEN and Sahyog Microfinance Foundation and will be conducted at 50 centers in NCR and Mumbai region. Oxigen has kept a target of opening 10 million no-frills accounts in the next 12-18 months during this pilot project.
– Joint Financial Inclusion initiative between SBI and OXIGEN to offer web-based no-frills kiosk banking services
– SBI to offer domestic money transfer, loans & credits through OXIGEN outlets
Oxigen Services Pvt. Ltd and a company supported by it “Sahyog Microfinance Foundation” today announced a tie-up with the State Bank of India (SBI) to offer banking services by connecting directly to SBI Core Banking System through Oxigen Web Retailers. Existing web-enabled Oxigen Retailers will be appointed as Customer Service Points (CSPs) of Sahyog Micro Finance Foundation, a Business Correspondent (BC) to SBI, to carry out banking transactions on behalf India’s largest public sector bank.
Speaking on the occasion, Mr. Pramod Saxena, Managing Director and Chairman of Oxigen said, “This kiosk-based banking model will provide the necessary ease and comfort to customers in all parts of India with inherent benefits like Flexi timings and reach through current Oxigen footprint of over 20,000 web-enabled retailers. This localization of retail banking services is much needed for the financial inclusion of the unbanked population in both rural and urban India. There is also room for including our PoS (Point of Sale terminals) retailers in the future.”
As for the bank itself, Mr. Sunil Pant, CGM Delhi, State Bank of India, said, “This is an attempt by SBI to open banking services across strata of the society and to make transactions, including savings, a regular part of everyone’s life. The web-enabled retailers will have SBI Kiosk Banking Customer Service Centre signs enabling them to do banking services for masses. In the first phase, the activity will be rolled out initially in Delhi-NCR and Mumbai and will be taken nationwide in due course “.
One of the principal features of the web-based no-frill kiosk banking is that it can reach out to the unbanked masses across India and help them open accounts with minimum documentation. As part of the service, biometric readers will be used to record user fingerprints for banking transactions which can include cash deposits, withdrawals, and money transfers to other SBI accounts. Customers can also avail of auto loans, home loans, loans against property, and gold loans. Customers will also be able to get NSC and KVP certificates, invest in mutual funds, and open term deposits and recurring deposits at these locations.
“These outlets will be opened at locations away from urban branches, in and around villages for providing access to banking services. The limit of the transaction at these outlets will be Rs 10,000 and the maximum balance for the accounts opened and being operated by these outlets will be Rs 50,000,” said Mr. Sunil Pant, CGM, State bank of India, New Delhi
With a base of over 75,000 outlets and growing, Oxigen will be able to create a vast network of banking kiosks reaching out to the nooks and corners of the country. Oxigen is one of India’s largest Single Point Recharge, Bill payments & Ticketing services in the country. The Oxigen range of services includes Mobile recharge, TV recharge, OxiCash Cards, Railway Tickets, Air & Bus Tickets, Movie Tickets, Utility payments, Internet Payments, and Calling-card Payments.