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Oxigen, SBI tie-up to provide banking solutions

The initiative will help people, especially rural and poor, to open accounts, avail loans and make investments through web-based kiosks.

twitter-logo PTI   Mumbai     Last Updated: September 17, 2010  | 12:59 IST

In a bid to provide banking solutions through the kiosks-based model to unbanked masses, electronic services provider Oxigen has tied-up with State Bank of India (SBI) and plans to open 1,00,000 access points across the country by Macrh 2013, a top company official said on Wednesday.

The initiative will help people, especially rural and poor, to open accounts, avail loans and make investments through web-based kiosks, that would be connected directly to the SBI Core Banking System by Oxigen Web Retailers.

"The initiative is a part of the government's financial inclusion programme and we plan to cover about one-lakh villages across 10 states by 2013. Each village will have one kiosk," Oxigen's Chairman and Managing Director Pramod Saxena said on the sidelines of its Maharashtra launch here.

With minimum documentation and a mere Rs 20, people can open no-frill accounts and deposit or withdraw up to Rs 10,000 a day, besides providing remittance facility, he said.

They can also get easy auto and gold loans.

Oxigen along with the banking correspondent for the initiative - Sahyog Micro Finance Foundation - had tied-up with SBI last month and launched its first project in the Delhi-NCR regions with 200 kiosks.

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