SBI inks deal with Reliance Money Infra for business services
Thiruvananthapuram:State Bank of India has signed a joint venture with Reliance Money Infrastructure (RMIL), for a range of banking services.
As part of the deal, RMIL will be engaged in identifing borrowers; collect, process, and submit loan applications; promote credit groups; follow-up and recovery. It will also collect small-value deposits; sell micro-insurance, mutual fund and pension products; and receive and deliver small-value remittances.
Apart from this, RMIL will also deal with no-frill savings bank accounts through kiosk banking model; home loans/loans against property; gold loans; SME loans; general purpose credit card; kisan credit card; current account; savings bank account (other than no-frill account) among other services.
The SBI and Reliance had signed a pact in this connection on February 25 and the one-year agreement came into effect from April 1.
If the venture, which is now implemented on experimental basis, is found a success, then the new e-banking initiatives of SBI such as tab banking and e-KYC would be handled by RMIL.
Meanwhile, experts point out that the SBI-RMIL pact would kill the chances for appointment to over 10,000 posts, which would have fallen vacant.
As part of the deal, RMIL will be engaged in identifing borrowers; collect, process, and submit loan applications; promote credit groups; follow-up and recovery. It will also collect small-value deposits; sell micro-insurance, mutual fund and pension products; and receive and deliver small-value remittances.
Apart from this, RMIL will also deal with no-frill savings bank accounts through kiosk banking model; home loans/loans against property; gold loans; SME loans; general purpose credit card; kisan credit card; current account; savings bank account (other than no-frill account) among other services.
The SBI and Reliance had signed a pact in this connection on February 25 and the one-year agreement came into effect from April 1.
If the venture, which is now implemented on experimental basis, is found a success, then the new e-banking initiatives of SBI such as tab banking and e-KYC would be handled by RMIL.
Meanwhile, experts point out that the SBI-RMIL pact would kill the chances for appointment to over 10,000 posts, which would have fallen vacant.
source:mathrubhumi
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