The largest lender of the country, State Bank of India has joined hands with Oxigen Services Pvt. Ltd along with its associate company Sahyog Microfinance Foundation in order to provide banking facilities to customers by directly geting connected to the core banking system of SBI.
Oxigen retailers would be serving as customer service centers of Sahyog Micro Finance Foundation which in turn would be acting as a business correspondent of SBI and offer banking services to customers on behalf of SBI.
"This kiosk-based banking model will provide the necessary ease and comfort to customers in all parts of India with inherent benefits like flexi timings and reach through current Oxigen footprint of over 20,000 web enabled retailers. This localisation of retail banking services is much needed for financial inclusion of the unbanked population in both rural and urban India. There is also room for including our PoS (point of sale terminals) retailers in the future,'' Oxigen Managing Director and Chairman Pramod Saxena said.