State Bank of India on Thursday tied up with Oxigen Services Pvt. Ltd. and its supported company Sahyog Microfinance Foundation to offer banking services by connecting directly to SBI's core banking system by Oxigen web retailers.
Existing web enabled Oxigen retailers will be appointed as customer service points of Sahyog Micro Finance Foundation, a business correspondent to SBI, to carry out banking transactions on behalf of the bank.
“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,'' Oxigen Managing Director and Chairman Pramod Saxena told journalists here.
ADVERTISEMENT