Bank extended its Financial Inclusion initiatives in the SLBC mandated villages employing the POS model with debit cards issued in a Closed User Group.
Launch of a remittance led FI initiative in the Dharavi - U.P. remittance corridor with IDEA Cellular. This is a mobile based branchless banking initiative where the mobile platform is being used to facilitate basic banking and remittance transactions and IDEA's retail outlets are being used as CSPs. The retail outlets of IDEA act as transaction points for the customers, where he deposits cash with the retailer and the transfers the remittance amount into the No Frills Savings account of the recipient through a mobile phone. The transaction is authenticated through an M-PIN number provided to the customer.