SBI ties up with Oxigen for kiosk banking in Mumbai

State Bank of India has tied up with technology company Oxigen Services to offer kiosk banking in Mumbai and Maharashtra. To begin with , the bank is launching 50 kiosk banking outlets in Mumbai,with the first one being launched in Dharavi on Wednesday. Last month, SBI had launched kiosk banking with Oxigen in Delhi, with 30 outlets. Under the arrangement, Oxigen will provide the technology support , while Sahyog Microfinance Foundation, an Oxigen-sponsored Company which is registered as a banking correspondent(BC) with SBI, will deal with the commercial aspects of the transactions.Mr. Riten Ghose, General Manager,SBI,Mumbai, said the Bank has about four-five national level BCs and many more at the local level. For instance, there are about 500 BCs in Maharashtra. The Bank is also looking to enrol its active self-help groups as BCs.
Customers will have to open a no-frills SBI account through Oxigen Web Retailers. These are retailers who already offer services such as online bill payment and ticketing.The kiosks would be linked to SBI's Core Banking System to offer banking services such as account opening, cash deposit and withdrawals and products such as remittance, mortgages, loans, insurance and mutual funds. The accounts will be opened with minimum Know Your Customer rules and using fingerprints for identification. The limit for daily cash deposit is Rs 10,000. The Bank will pay a fee to the retailer for every account opened and every transaction - withdrawal and deposit.(BL 16092010)