Business Daily from THE HINDU group of publications
Friday, Jul 18, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Jul 18, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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M-Commerce SKS Microfin, Bharti tie up for mobile banking Our Bureau Hyderabad, July 17 SKS Microfinance is planning to foray into mobile banking through its affiliate Swayamkrushi Sangham, a non governmental organisation (NGO). SKS has conducted a pilot study in Nalgonda by involving 1,000 of its clients recently. “The results of the pilot were highly encouraging. Over 4,000 transactions were done with 1,000 clients and now we are considering to extend to other parts of our operations,” Mr Vikram Akula, Founder-CEO, SKS Microfinance told newspersons at a media conference to announce its tie-up with Airtel here on Thursday. Airtel tie-upAs per the current norms of Reserve Bank of India (RBI), a non banking finance company (NBFC) cannot engage a banking correspondent for mobile banking services. “However, it can be done with a NGO affiliate and hence we want to explore that option,” he said. The mobile banking model can offer cost savings of over 2 to 5 per cent, he added. The Hyderabad-based firm with operations in 15 States has tied up with Airtel to offer cellular telephony to its members. “We will provide loans to our members to buy Nokia handsets (1650 model costing Rs 2,229) on 24 per cent interest. Airtel will provide prepaid connections,” he said. The scheme would be introduced on a pilot basis at four branches of SKS in Andhra Pradesh first and extended to other parts of the State. More than 7.5 lakhlkah SKS members in rural areas will be benefited by the scheme, Mr Akula said. More Stories on : M-Commerce
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