SBI ties up with Oxigen to promote kiosk banking

Oxigen Services Pvt. Ltd and Sahyog Microfinace Foundation today announced a tie-up with State Bank of India (SBI) under which they will offer banking services by connecting Oxigen web retailers directly to SBI's Core Banking System.

Existig web-enabled Oxigen retailers will be appointed as customer service points (CSPs) of Sahyog Micro Finance Foundation, a business correspondent (BC) of SBI, to carry out banking transactions on behalf of the bank, a press release from Oxigen said here.

"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," Mr Pramod Saxena, Chairman and Managing Director, Oxigen, said.

"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," he said.

Mr Sunil Pant, Chief General Manager, SBI, Delhi, said the tie-up was an attempt by the bank to open banking services across strata of 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-National Capital Region (NCR) and Mumbai and will be taken nationwide in due course," he said.

According to the release, 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 such as cash deposits and withdrawals and money transfers to other SBI accounts. Customers can also avail auto/home loans and loans against property and gold, get National Savings Certificates (NSC) or Kisan Vikas Patras, invest in mutual funds and activate current accounts, term deposits and recurring deposts at these locations.

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, the release added.

Oxigen is a major player in the area of Single Point Recharge, Bill Payments and Ticketing services in the country.

NNN