NEW DELHI, INDIA: State Bank of India and Oxygen Services supported company Sahyog Microfinance Foundation today announced joint financial inclusion initiative under which both the companies will open 20,000 kiosk banking centers by December 2011.
The number of these outlets will depend on the success of the pilot that will be initially conducted at 50 centers in NCR and Mumbai region.
Under this tie-up with State Bank of India (SBI), the bank will offer banking services to people by connecting directly to SBI Core Banking System by Oxigen Web retailers. Existing web enabled Oxigen Retailers will be appointed as Customer Service Points (CSPs) of Sahyog Micro Finance Foundation, a Business Correspondent (BC) to SBI, to carry out banking transactions on behalf of the national bank.
