Axis Bank and Idea start mobile-based financial inclusion initiative

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.

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Union Bank and Nokia launch mobile payment services

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.

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COMMENTS

nokiamoneydelhincr

5 years ago

Nokia Money is a free service that aims at reducing the problems and risks involved with carrying cash with one self. The customer need not carry any cash but he can carry as much money (up to Rs. 50,000/-) in his mobile phone as he desires. For further information on Nokia Money service, please get in touch with your nearest Nokia Retailer or contact Nokia Care at 1800 3000 1122.

Sumit

5 years ago

Nokia Money is a free service that aims at reducing the problems and risks involved with carrying cash with one self. The customer need not carry any cash but he can carry as much money(up to Rs.50,000/-) in his mobile phone. For further information on Nokia Money service, please get in touch with your nearest Nokia Retailer.
Thank you.

Tata Mutual Fund floats Fixed Maturity Plan-Series 31 Scheme C

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.

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