CRR rates expected to increase by 25-50 basis points; personal loans may become costlyThe biggest home loan lender in the country, State Bank of India has tied up with Oxigen Services Pvt. Ltd and its subsidiary Sahyog Microfinance Foundation so as to offer banking services to customers by directly connecting them to SBI’s core banking system.
Oxigen retailers would act as customer service centers of Sahyog Micro Finance Foundation which subsequently would function as a business correspondent of SBI and provide banking services to clients on behalf of SBI.
Oxigen MD and Chairman, Pramod Saxena stated, “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’.