SBI joins hands with Oxigen

SBI-OxigenOxigen Services Pvt. Ltd and supported company "Sahyog Microfinance Foundation" has recently entered into a unique agreement with the largest banking giant in the country, State Bank of India. Under the announced deal, the home-grown VAS Company offer banking services by connecting directly to SBI Core Banking System by Oxigen Web Retailers.

In fact, both the parties also pointed out the fact that the web enabled Oxigen Retailers will be appointed as Customer Service Points (CSPs) of Sahyog Micro Finance Foundation, a Business Correspondent (BC) to SBI, which will be targeted to carry out several banking transactions on behalf of the national bank.

Pramod Saxena, Managing Director and Chairman, Oxigen said that the Kiosk based model will provide a lot of ease to the consumers across cities in the Indian market and with the current Oxigen footprint of over 20,000 web enabled retailers, it will also give SBI an additional touch points for the Indian consumer.

Sunil Pant, CGM Delhi, State Bank of India said that in the first phase the activity is being launched only in Delhi-NCR and Mumbai, but it will be taken on a national level in a due course of time.