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| Edited By: |Source: PR Newswire |Updated: Nov 19, 2013, 11:17 PM IST
SAN DIEGO, Nov. 20, 2012 /PRNewswire/ -- Sirius Financial Services, Inc. (Pink Sheets: JZZI, www.SiriusFSinc.com), through its wholly owned subsidiary SAMVRIDDHI, announced today its forecast for market penetration of its banking services to the villagers of India under the Swabhimaan mandate. As previously reported, India has a population of approximately 1.21 billion people and Swabhimaan is a nationwide program in India aimed at providing financial inclusion to its citizens who live in the 73,000 villages having population of 2000 or more, and the additional 500,000 smaller villages. The Indian government has a clear directive to build out a national banking system that includes suburban and remote rural areas. Sirius has partnered with 5 national and regional commercial banks to provide these banking services.
Continuing on its early success, Sirius is forecasting a 36% increase in the villages utilizing it banking services to 398 villages, up from 293 current villages, and an 87% increase in the number of account holders to 437,000 account holders, up from 233,110 current account holders by April of 2013.
The mandate represents the government of India's intention to ensure that the benefits of India's economic growth reaches its citizens at all levels. The campaign is a big step towards socio-economic equality by bringing the suburban and rural segments of India's population into the formal banking fold for the first time and Sirius is playing a major role in its success. Under the program, villagers are entitled to receive financial assistance, and/or subsidies from the government in the form of real money. However, they are not able to receive this money unless they possess the type of bank account that Sirius offers. Consequently, the Indian government in its efforts to build out a far-reaching national banking system, has also mandated that any funds disbursed to these villagers, must be received through an established bank account. This proves to be the most valuable incentive for Sirius in achieving it and the government's goals while helping the villagers.
The villagers of India represent approximately 70% of the total population of India and Sirius' initial target market includes approximately 146 million villagers. Sirius is initially focusing its energy on villages with populations greater than 2000 people.
About Sirius Financial Services, Inc.
At present, JZZ technologies has one wholly owned subsidiary, Sirius Financial Services, Inc., which in turn owns 100% of Samvriddhi, a company that represents commercial banks in India and provides financial services to the villagers as mandated by the Government of India and the reserve bank of India. It intends to build effective working relationships with other strategic companies towards acceleration of Social and Financial Inclusion drive.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
SOURCE Sirius Financial Services, Inc.
