Airtel And SBI Set To Empower Financially Excluded With Their Joint Venture

By January 12th, 2011 AT 1:17 PM

Airtel And SBI Set To Empower Financially Excluded With Their Joint VentureState Bank of India and Bharti airtel, India’s largest telecommunications company, today announced that they have entered into a Joint Venture (JV) agreement to make available banking services to India’s unbanked millions.

The JV as Business Correspondent will engage airtel’s retailers as Customer Service Points (CSP) all over India in a phased manner.

With this, existing and new airtel mobile customers will be able to visit these outlets and open new SBI bank accounts and avail of other banking products and services available at the CSPs. Additionally, existing SBI customers will also get serviced at these outlets.

This partnership between India’s leading mobile and banking service providers represents a first-of-its-kind collaboration aimed at making the concept of inclusive banking a reality for customers in India.The JV incorporation between SBI and airtel will be concluded by 31st March, 2011.

Commenting on the partnership, Mr. Sunil Bharti Mittal, Chairman and Managing Director, Bharti airtel said, “This historic collaboration between SBI and airtel brings together two sectors that have made the most impact in addressing inclusive growth. The services offered by the JV will enable financial inclusion and economic empowerment for people across India. This will be a complete game changer, leveraging SBI’s expertise in the banking sector along with airtel’s 150 million strong customer base and ecosystem of over 1.5 million retailers and distributors across India. Together, we will create a scalable operation that will address the banking requirements of millions of Indians through the mobile platform.”

Read more on:

A Happy Geek and a Network Research Engineer with a really cool day job…

9
Leave a Reply

avatar
Photo and Image Files
 
 
 
9 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
8 Comment authors
Mahmood JunaidsomavinashSanjay BafnaTarun PK Recent comment authors
newest oldest most voted
Mahmood Junaid
Mahmood Junaid

@Sanjay Bafna
thanks for giving the information… do you know how much uae operators is charging for interconnection????

som

very good move.this will help airtel to increase its ARU.

Recent Posts

Xiaomi Redmi 7 With Snapdragon 632 SoC, Dual Rear Cameras Launched in India: Price, Specifications

The Xiaomi Redmi 7 has been launched in India alongside the Redmi Y3 which starts at Rs 9,999. To recall,...

Xiaomi Redmi Y3 With 32MP Selfie Camera and 4000mAh Battery Launched, Prices Start at Rs 9,999

After teasing for more than a week, Xiaomi India today officially launched the Redmi Y3 with the 32MP selfie camera...

Snapchat Added Four Million Users in Q1 2019, Daily Active Users Increased to 190 Million

Photo-messaging app Snapchat added four million new users in the first quarter of 2019, registering revenue of $320 million —...