State Bank of India, the country’s largest commercial bank, and bharti airtel, India’s largest telecommunications company, today announced that they have entered into a joint Venture (JV) agreement to make available banking services to India’s unbanked millions. The newly formed entity, will harness the power of state bank's strengths and airtel’s mobile telephony to add value to the banking and financial services sector and empower millions of financially excluded in the country to enhance their livelihood and quality of life. The Joint Venture will become the Business Correspondent of SBI and offer banking products and services at affordable cost to the citizens in unbanked and other areas.
Commenting on the partnership, Mr. Sunil Bharti Mittal, Chairman and Managing Director, Bharti airtel said, "This historic collaboration between SBI and airtel brings together two sectors that have made the most impact in addressing inclusive growth. The services offered by the JV will enable financial inclusion and economic empowerment for people across India. 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."
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