25 May 2015

India's largest bank and wireless operator form joint venture partnership

12 January 2011  |  7686 views  |  0 Taj Mahal

State Bank of India, the country's largest commercial bank, and bharti airtel, India's largest telecommunications company, have entered into a joint venture (JV) agreement to make available banking services to the nation's unbanked millions.

The agreement will see SBI and airtel offering a complete suite of banking services via both the mobile platform and a state-wide network of branches and retail distribution outlets.

Sunil Bharti Mittal, chairman and managing director, Bharti airtel says: "This will be a complete game changer, leveraging SBI's expertise in the banking sector along with airtel's 150 million strong customer base and ecosystem of over 1.5 million retailers and distributors across India. Together, we will create a scalable operation that will address the banking requirements of millions of Indians through the mobile platform."

With the penetration of mobile teledensity standing at a strong 60%, the market possesses great potential for a collaboration that combines the strengths of both banking and telecom sectors, he adds.

The venture will initially engage airtel's retailers as Customer Service Points (CSP) all over India in a phased manner. Existing and new airtel mobile customers and SBI customers will be able to visit these outlets to open accounts and perform routine transactions.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

26 November, 2010
07 May, 2010
16 April, 2010
30 March, 2010
18 March, 2010
16 February, 2010
13 March, 2009

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
7140 views comments | 48 tweets | 31 linkedin
UK opts out of European online payments se...
6437 views comments | 21 tweets | 15 linkedin
MasterCard launches personal payments serv...
6148 views comments | 15 tweets | 29 linkedin
US banks bid to crack down on 'card cracki...
5661 views comments | 8 tweets | 10 linkedin
Metro Bank to offer consumer loans via Zop...
4888 views comments | 29 tweets | 21 linkedin

Featured job

Competitive base, bonus, stock options
London, UK

Find your next job