Thursday, May 17, 2012

Financial Inclusion is a big deal these days. It's a phrase that is tossed around lightly when people talk of getting financial services to the not-so-well-to-do folk. Airtel's subsidiary, Airtel m-Commerce Services Limited, and Axis Bank have announced a venture that promises to actually do something about it. Airtel m-Commerce Services Limited is the subsidiary of Airtel that is responsible for Airtel Money - surely, you would have seen the television commercials informing you that you can send and receive money through your mobile phones. For the uninformed, the Airtel Money service has a registration fee, and most of the transactions require an additional per-transaction cost. Airtel has decided to use the Airtel Money service to gain some momentum for financial inclusion, by partnering with Axis bank. From the announcement, it seems that the Airtel Money "Super Account" powered by Axis Bank would initially be available for sending money from Delhi and Mumbai, while East UP and Bihar have been selected as the locations where money could be received. Obviously, they plan to expand further to more cities across India. Basically, you would get all the facilities of an Airtel Money account, without the extra charges that are levied on "normal" Airtel Money accounts. This "Super Account" is also a zero-balance savings account with Axis Bank. All this aims to improve Financial Inclusion, as Sanjay Kapoor, the CEO of Airtel India and South Asia mentioned during the launch that nearly 43% of our country do not have bank accounts. Apparently, these people prefer conducting all their financial transactions with that hassle-free commodity called 'cash'. The announcement also states that they would slowly roll out deposits, loans and insurance products tied to this "Super Account", but on a much smaller scale than standard savings accounts ('micro' deposits, they are called). This may not be a big deal for those of us who own fancy accounts with International banking institutions such as Citi, HSBC, Deutsche and so on. However, for the millions who do not (and in many cases, who cannot) possess a banking account, this would surely ease their entry into the world of savings accounts and banking.

More Info: Airtel India, Facebook

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lavanya sethi said...

I am a dissappointed
Airtel money customer. 2 Days ago I received 2 sms from airtel money that my account was debited with Rs.400 &
Rs. 295. But I hadn’t made any transaction. Those were fraud transactions.I
made call to customer care but they refused about that. Details of transaction
are given below :-

S.No. Transaction ID Date of transaction Time
of transaction Description of transaction Amount of transaction (Rs.) Debit/
Credit

1 4091676 26/04/2012 10:34 AM
AIR_PREPAID_MOB|UW:Utility
Payment 40.0 DR

2 4091421 26/04/2012 10:33 AM
AIR_PREPAID_MOB|UW:Utility Payment 100.0
DR

I have even filed a complaint against them on their site as
well as at Consumer
Court
site but so far no action has been taken on this case.

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