ea MyCash', a facility aimed at providing basic banking services including money transfer, using the mobile platform, was flagged off by IDEA Cellular, the third largest mobile operator in the country, in association with Axis Bank. This is the 1st Financial Inclusion initiative in the country, to go "live" on the mobile platform. Ms. Shikha Sharma, MD & CEO, Axis Bank and Mr. Sanjeev Aga, MD, IDEA Cellular launched the mobile gateway for Idea MyCash at an event here today.
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.
Ms. Shikha Sharma, MD & CEO, Axis Bank, speaking at the launch said, "Axis Bank in association with IDEA Cellular is offering a branchless banking solution that provides the elements of security, access and convenience in a cost effective manner. This association in a larger context enables the Bank to undertake financial inclusion by providing a host of financial inclusion products and services through the IDEA mobile platform and offered through select IDEA retail outlets."
Mr. Sanjeev Aga, Managing Director, Idea Cellular said, "Idea has demonstrated the capability to reach out and connect the remote corners of the country and enable the economic and social development of the weaker sections of society. Idea MyCash, in association with Axis Bank, will ride on our deep rooted network to make banking services accessible to millions of Indians and including them in the economic development through financial inclusion."
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.
P2P remittance - Money Transfer Process
1)The remitter is an Axis Bank customer having a No Frills Savings account with the Bank. The remitter can initiate a remittance through Axis Bank channels (ATMs/Internet). The account holder who is an Idea subscriber can also initiate remittance through a mobile banking platform.
2)As a Business Correspondent, Idea would facilitate the opening of the No Frills savings accounts.
3)The beneficiary who is an Idea subscriber does a one time Account opening activity at an Idea Retail outlet through submission of KYC documents, which subsequently get verified by the nodal Axis Bank Branch.
4)Using technology, an interactive mobile banking platform has been developed on both the remitter and beneficiary side to provide an easy mechanism for the remitter to initiate the remittance through Idea mobile and for the beneficiary to interact with the Idea M-Commerce platform for facilitating cash out at the Idea retailer.
About Axis Bank: Axis Bank is the third largest private sector bank in India. Axis Bank offers a vast spectrum of services encompassing Large and Mid-Corporate Banking, SME Banking, Agri-Business Banking, Retail Banking and International Banking.
Axis Bank has a network of over 1200 branches and over 5000 ATMs across the country. The branches, spread across more than 680 cities and towns, enable the Bank to reach out to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segment.
Axis Bank has presence in Singapore, Hong Kong, Shanghai and Dubai, and seeks to expand further its international presence. Axis Bank has the largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country. Axis Bank has a customer base of over 150 Lakhs. The market capitalisation of the Bank as on March 16, 2011 was Rs. 54,021 crores (NSE).
The Bank's centralised database enables customers to operate their accounts from anywhere in the country. The Bank's website www.axisbank.com offers comprehensive details about its various schemes.
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.
Ms. Shikha Sharma, MD & CEO, Axis Bank, speaking at the launch said, "Axis Bank in association with IDEA Cellular is offering a branchless banking solution that provides the elements of security, access and convenience in a cost effective manner. This association in a larger context enables the Bank to undertake financial inclusion by providing a host of financial inclusion products and services through the IDEA mobile platform and offered through select IDEA retail outlets."
Mr. Sanjeev Aga, Managing Director, Idea Cellular said, "Idea has demonstrated the capability to reach out and connect the remote corners of the country and enable the economic and social development of the weaker sections of society. Idea MyCash, in association with Axis Bank, will ride on our deep rooted network to make banking services accessible to millions of Indians and including them in the economic development through financial inclusion."
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.
P2P remittance - Money Transfer Process
1)The remitter is an Axis Bank customer having a No Frills Savings account with the Bank. The remitter can initiate a remittance through Axis Bank channels (ATMs/Internet). The account holder who is an Idea subscriber can also initiate remittance through a mobile banking platform.
2)As a Business Correspondent, Idea would facilitate the opening of the No Frills savings accounts.
3)The beneficiary who is an Idea subscriber does a one time Account opening activity at an Idea Retail outlet through submission of KYC documents, which subsequently get verified by the nodal Axis Bank Branch.
4)Using technology, an interactive mobile banking platform has been developed on both the remitter and beneficiary side to provide an easy mechanism for the remitter to initiate the remittance through Idea mobile and for the beneficiary to interact with the Idea M-Commerce platform for facilitating cash out at the Idea retailer.
About Axis Bank: Axis Bank is the third largest private sector bank in India. Axis Bank offers a vast spectrum of services encompassing Large and Mid-Corporate Banking, SME Banking, Agri-Business Banking, Retail Banking and International Banking.
Axis Bank has a network of over 1200 branches and over 5000 ATMs across the country. The branches, spread across more than 680 cities and towns, enable the Bank to reach out to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segment.
Axis Bank has presence in Singapore, Hong Kong, Shanghai and Dubai, and seeks to expand further its international presence. Axis Bank has the largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country. Axis Bank has a customer base of over 150 Lakhs. The market capitalisation of the Bank as on March 16, 2011 was Rs. 54,021 crores (NSE).
The Bank's centralised database enables customers to operate their accounts from anywhere in the country. The Bank's website www.axisbank.com offers comprehensive details about its various schemes.
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