Airtel, Axis tie up for mobile banking services
As far as India’s equity market is concerned, he said that the Sensex may bottom-out at the 12,000-16,000 level. “Rupee seems to be oversold in the near term. If the rupee depreciates by 10-20 per cent in the near term, it will also help the market,” he a
Bharti Airtel customers will now be able to open no-frills savings account in Axis Bank through their mobile phones and will be able to carry out transactions such as cash deposits, transfers and withdrawals.
The country's largest private mobile operator Bharti Airtel and Axis Bank on Wednesday announced a partnership to provide banking services through Airtel Money platform, a move that will help further the goal of reaching un-banked areas.
"Following the recent pan-India launch of Airtel money, we are today excited to collaborate with Axis Bank to further strengthen our m-commerce proposition for customers," Bharti Airtel chief executive, India and South Asia, Sanjay Kapoor said.
To begin with, savings and remittance solutions will be provided in Delhi and Mumbai on the sending side, and Bihar and East Uttar Pradesh on the receiving side.
Thereafter, these services may be extended to other remittance corridors in the country, the company said.
"According to estimates, nearly 43 per cent of the country’s population does not have bank accounts...the 'Airtel money Super Account powered by Axis Bank' acts as a no-frills bank account that comes with remittance capabilities," Kapoor said.
Leading IT firm Infosys is the technology innovation partner for the offering.
"Our alliance with Airtel will help the bank to reach out to excluded segments of our population, both in rural and urban centres, with reasonably priced banking and financial services," Axis Bank MD and CEO Shikha Sharma said.