Get Ready For India’s First Mobile Based Financial Inclusion Initiative

By March 17th, 2011 AT 4:05 PM

Get Ready For India's First Mobile Based Financial Inclusion InitiativeIDEA 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.

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

7
Leave a Reply

avatar
7 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
6 Comment authors
samRajesh PatilExclusive : Idea Cellular to Launch ‘idea Money’ Mobile Payment ServiceideacellularJoy Recent comment authors
newest oldest most voted
sam
sam

Nice

Rajesh Patil

HOW TO ACTIVATE ‘IDEA MONEY’ SERVICES

Recent Posts

Bharti Airtel Rs 100 and Rs 500 Talk Time Recharges are Back Again for Prepaid Users

The removal of talk time recharges from Vodafone Idea’s and Bharti Airtel’s portfolio was met with hostility by the subscribers....

BSNL Revises Rs 98 Prepaid Plan, Now Offers 2GB Daily Data and Eros Now Subscription

After reducing the validity of two voice-only prepaid plans of Rs 99 and Rs 319, BSNL has now revised its...

GTPL Hathway Added 11,000 Broadband Subscribers During Q3 FY19

GTPL Hathway has released its Q3 FY19 earnings report. The cable and broadband service provider revealed that its consolidated EBITDA...