Idea Cellular has joined hands with Axis Bank to launch the MyCash service. This facility is aimed at providing basic banking services including money transfers via the mobile platform.
The MyCash service was launched by Shikha Sharma, MD & CEO, Axis Bank and Sanjeev Aga, MD, Idea Cellular.
The remittance facility is being offered in the Dharavi ? Allahabad remittance corridor to begin with and will be extended to other remittance corridors subsequently.
Shikha Sharma, MD & CEO, Axis Bank, speaking at the launch 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.?
Sanjeev Aga, MD, Idea Cellular said, ?Idea has demonstrated the capability to reach out and connect the remote corners of the country and enable the economic and social development of the weaker sections of society. Idea MyCash, in association with Axis Bank, will ride on our deep rooted network to make banking services accessible to millions of Indians and include them in the economic development through financial inclusion.?
Axis Bank and Idea had earlier signed an MoU to collaborate in the domain of financial inclusion, whereby Idea would act as axis Bank?s business correspondent and distribute the complete range of financial products and services offered by the bank to the un-banked and under banked population segments. Idea retail outlets will act as customer service points (CSPs), as per the agreement.
