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Oxigen, SBI in tie-up to provide banking solutions to unbanked
Electronic services provider Oxigen has tied-up with State Bank of India and plans to open 1,00,000 such points across the country by FY 13, a top company official said today.
Updated : Mar 17, 2018, 05:22 AM IST
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In a bid to provide banking solutions through the kiosks-based model to unbanked masses, electronic services provider Oxigen has tied-up with State Bank of India and plans to open 1,00,000 such points across the country by FY 13, a top company official said today.
The initiative will help the people, especially rural and poor, to open accounts, avail loans and make investments through web-based kiosks, that would be connected directly to the SBI Core Banking System by Oxigen Web Retailers.
"The initiative is a part of the government's financial inclusion programme and we plan to cover about one-lakh villages across 10 states by FY 13. Each village will have one kiosk," Oxigen's chairman and managing director, Pramod Saxena, told PTI on the sidelines of its Maharashtra launch here today.
With minimum documentation and a mere Rs20, people can
open no-frill accounts and deposit or withdraw up to Rs10,000
a day besides providing remittance facility, he said.
They can also get easy auto and gold loans.
Oxigen along with the banking correspondent for the initiative -- Sahyog Micro Finance Foundation, had tied-up with SBI last month and launched its first project in the Delhi-NCR regions with 200 kiosks.
The company plans to open about 5,000 kiosks by end of this fiscal and then scale-up the number to 25,000 by March 2012, Saxena said.
"With this, the urban poor can avail banking facility at a retail store having an Oxigen web connection, he said.
"This will provide the necessary ease and comfort to customers in all parts of the country with inherent benefits like flexi-timings and reach through the current Oxigen footprint of over 20,000 web-enabled retailers," he added.
As a part of the service, biometric readers would be provided to customers which would record users' fingerprints for all banking transactions.
"Our target is that every kiosk should generate around 1,000 accounts in a month with an average ticket-size of Rs500 on a single account," Saxena added.
