IDEA Cellular and Axis Bank today announced the launch of India’s 1st Mobile based Financial Inclusion Initiative “Idea MyCash’, a facility aimed at providing basic banking services including money transfer, using the mobile platform.
This is a mobile based financial inclusion initiative which besides providing basic banking services like cash deposit, cash withdrawal and balance enquiry will also enable money transfer between the migrant population in urban areas to their beneficiaries back home.
The remittance facility is being offered in the Dharavi – Allahabad remittance corridor to begin with and will be extended to other remittance corridors subsequently.
Axis Bank and Idea had earlier signed an MoU to collaborate in the domain of Financial Inclusion whereby Idea will act as a ‘Business Correspondent’ of Axis Bank and distribute the complete range of financial products and services offered by the Bank to the un-banked and under banked population segments.
Idea Retail outlets will act as Customer Service Points (CSPs), as per the agreement.Idea has developed a technology platform that enables the provision of the entire gamut of banking products and services to the end customer through a mobile phone with cash in/cash out at Idea Retailers.