Idea, Axis Bank ink deal for mobile banking

Telecom service provider Idea Cellular and Axis Bank announced a mobile-based financial inclusion initiative, 'Idea MyCash', in Mumbai on Thursday.

The initiative, which took off from Dharavi in Mumbai and Allahabad in Uttar Pradesh, will enable money transfer on the mobile platform. Other banking services, such as cash withdrawals, balance enquiry and deposits, will also be available. Axis Bank and Idea had signed a memorandum of understanding (MoU) in December 2010 under the domain of financial inclusion.

"Authorised Idea retail outlets will act as customer service points (CSPs). At present, we have 20 authorised retailers each in Dharavi and Allahabad. Any Idea service holder can walk to these retailers to open an account with Axis Bank," said Ambrish P. Jain, director (operations), Idea Cellular.

The total rural population in India is 74.25 crore, of which 18.5 crore people are unbanked but bankable adults, while the total population in the urban areas is 28.61 crore out of which 8.08 crore are unbanked urban poor.

Shikha Sharma, managing director (MD) and chief executive officer (CEO), Axis Bank, said, "This initiative will take banking to the grassroot level. People, especially women, will no longer have to stand in long queues to avail basic banking facilities." "Idea Cellular at present has coverage in 2,50,000 towns and villages, with footprints of over one million outlets across the country," said Sanjeev Aga, MD, Idea Cellular.

Courtesy: Mail Today