Country's third largest private sector lender Axis Bank today tied up with the country's largest mobile telephony company Bharti Airtel, with an eye on the domestic remittance market, which also helps the financial inclusion agenda.
MUMBAI: Country's third largest private sector lenderAxis Bank today tied up with the country's largestmobile telephony company Bharti Airtel, with an eye on the domestic remittance market, which also helps the financial inclusion agenda.
Axis Bank and Bharti Airtel have partnered with software major Infosys for facilitating the service.
Under the partnership, a no-frills savings bank account will be offered to a customer and the account holder can undertake many transactions like remit, deposit and accept credit using Airtel's mobile telephony infrastructure -- Airtel money.
The bank is targeting to take the service to 500 pockets and villages in Mumbai and Delhi, eastern UP and Bihar within the first quarter of the launch, bank's Managing Director and Chief Executive Shikha Sharma told reporters here.
On the occasion, Reserve Bank Deputy Governor K C Chakrabarty cautioned the service providers against concentrating only on the fee-giving remittance service as other services like deposit taking and advances will help make the model more profitable.