Axis Bank today said it had signed a Memorandum of Understanding (MoU) with Idea Cellular, whereby Idea will act as a Business Correspondent of Axis Bank to provide the bank’s financial products and services through its retail outlets.
The association would be flagged-off with a ‘remittance pilot’ between Dharavi in suburban Mumbai and Allahabad in Uttar Pradesh, which would enable money transfer using the mobile platform. Idea and Axis Bank will also explore extending the association to include other banking products and services such as savings, credit, micro insurance, micro systematic investment plan and micro pensions.
A full range of banking services is proposed to be launched across the pan-India footprint of Idea Cellular, subject to receipt of all statutory and regulatory approvals.
Axis Bank’s President, Agri Business & Rural Banking, S K Mitra, said, “As a total solutions bank, we are always exploring options to deliver improved and convenient services to customers across all strata of society.”
Idea Cellular’s Director-Operations, Ambrish Jain, said, “We are pleased to partner Axis Bank in its financial inclusion initiative through a pilot-based on mobile-enabled low-cost banking service model.”
