Oxigen ties up with State Bank of India to promote Kiosk banking

30 July 2010
New Delhi, July 29, 2010: Oxigen Services Pvt. Ltd, a member of the Blue Label Telecoms Limited group, and supported company “Sahyog Microfinance 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. 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 of the national bank.

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 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 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.