Axis Bank with IDEA Cellular is offering a branchless banking solution that provides security, access and convenience
Axis Bank and Idea Cellular have launched 'Idea MyCash'. The service is a mobile-based financial inclusion initiative which besides providing basic banking services like cash deposit, cash withdrawal and balance enquiry will also enable money transfer between the migrant population in urban areas to their beneficiaries back home. The remittance facility is being offered in the Dharavi-Allahabad remittance corridor in Mumbai and will be extended to other remittance corridors subsequently.
Shikha Sharma, MD & CEO, Axis Bank, said, "Axis Bank in association with Idea Cellular is offering a branchless banking solution that provides the elements of security, access and convenience in a cost effective manner. This association in a larger context enables the Bank to undertake financial inclusion by providing a host of financial inclusion products and services through the Idea mobile platform and offered through select IDEA retail outlets."
On Friday, Axis Bank ended 1.66% down at Rs1,271.25 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.49% to 17,878.81.
The mobile payment service is available to consumers in Gurgaon, and will be soon go live in Delhi, Faridabad and Noida
Leading the way in mobile financial inclusion, Union Bank of India and Nokia has launched 'Union Bank Money powered by Nokia' service across India, starting with the National Capital Region. The service is already available to consumers in Gurgaon, and will be soon go live in Delhi, Faridabad and Noida. This will be followed by a nationwide roll-out over the next few months.
The service specifically targets users, who do not have a bank account, by providing access to financial services through their mobile phones and driving financial inclusion. The service will enable consumers to transfer money to other individuals, withdraw cash from business correspondents cash-out outlets (registered Nokia stores) and ATMs, pay utility bills as well as recharge prepaid SIM cards (top-ups) by using their mobile devices, eliminating the need for intermediaries and delivering true convenience.
On Friday, Union Bank ended 1.39% down at Rs332.60 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.49% to 17,878.81.
Tata Mutual Fund new issue closes on 23rd March
Tata Mutual Fund has launched Tata Fixed Maturity Plan-Series 31 Scheme C, a close-ended income scheme.
The investment objective of the scheme is to generate income and/or capital appreciation by investing in wide range of debt and money market instruments having maturity in line with the maturity of the scheme. The maturity of all investments shall be equal to or less than the maturity of the scheme.
The new issue closes on 23rd March. The minimum investment amount is Rs10,000.