Oxigen outlets start Sbi Kiosk banking service in Mumbai and Maharashtra

15 September 2010
Mumbai, September 15, 2010: Oxigen Services Pvt. Ltd and supported company “Sahyog Micro Finance Foundation” today announced a unique tie-up with State Bank of India (SBI) to offer banking services by connecting directly to SBI Core Banking System by Oxigen Web Retailers in Mumbai and Maharashtra. This would be done by appointing Customer Service Points at Oxigen Retail Outlets.

Speaking on the occasion, Mr Pramod Saxena, Managing Director and Chairman, Oxigen , “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 localisation of retail banking services is much needed for 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 Riten Ghose, GM Mumbai, 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 signboards and core banking technology, enabling them to do banking services for masses. In the first phase, the activity has been rolled out in Delhi-NCR and today we will inaugurate Mumbai
/Maharashtra and then this service will be taken nationwide".

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 record user fingerprints for banking transactions which includes cash deposits and withdrawals, money transfers to other SBI accounts. Customers can also avail auto/home loans and loans against property and gold, getting NSC/KVP certificates, investing in mutual funds, and activating different accounts current, term deposits and recurring deposits at these locations. Indeed, with a base of over 75,000 outlets and growing, Oxigen has the ability to create a vast network of banking kiosks reaching out to the nooks and corners of the country.