Our International media correspondents have confirmed that Indian Telecommunication giant “Airtel” is joining hands with State Bank of India to provide banking services to the general population of India. A new banking entity will be formed with capital investment of Rs 100 crore. The joint venture of SBI and Airtel will provide banking products and services to the people at affordable cost. The stakes between the two organizations SBI and Bharti Airtel will be in the ratio of 51:49 percent respectively. According to the SBI chairman the aim of the venture is to provide banking services to the general citizens at the doorsteps using the distribution network of Airtel. Airtel customer service centers will be engaged across the country as business correspondents.

The new entity will use the power of SBI and Airtel mobile telephony to add value to the banking and financial services. With this business venture the mobile phone users of Airtel could also open and operate bank accounts, and also could avail banking services and products thru’ the Customer service outlets. In addition to the banking services the clients of SBI could also avail the services of these CSCs of Airtel Corp.

Last year the same model of collaboration of Telecom and banking sector was launched in Pakistan by Telenor and Tameer Bank in the form of “Easy Paisa” Scheme. The scheme has met with great success and much appreciated by the common masses availing the money transfer services etc.

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