Sub-K services sabke liye!

RESERVE BANK’S FINANCIAL INCLUSION PROGRAMME LAUNCHED IN CENTRAL PENDAM
RANGPO, 18 Dec: BASIX Sub-K itransactions Ltd, a mobile banking enablement company of the BASIX Group, launched the Reserve Bank’s Financial Inclusion programme in Sikkim at Rangpo yesterday. The company has the mandate to reach banking services [Axis Bank in the present case] to unbanked citizens by setting up micro-ATM counters at provision stores across rural and semi-urban India.

The first store under this initiative in Sikkim was launched by the General Manager, Reserve Bank of India, EE Karthak, in Central Pendam village yesterday. Managing Director Sub-K, Amit Mehta from Hyderabad and Head-Financial Inclusion, Axis Bank, Nilanjan Majumdar from Mumbai, BDO Duga, Purusotam Pradhan, Branch head, Axis Bank, Rangpo Branch, Shankar Dhar were also present on the occasion.
Using the Sub-K system, citizens can walk into the “kirana” store (now called a BCO or Basic Convenience Outlet) and get their Axis Bank (no-frills) accounts opened at zero-cost, with a zero balance requirement. They can deposit small savings (as low as Rs 50), make withdrawals (during shop timings at 7 am to 9 pm), check their balances and do money transfers, all free of charge and instantly.
Sub- K’s technology connects the citizen to his bank account in Axis Bank’s central server through a mobile phone and finger print authentication device resident with the BCO.
As Amit Mehta explain, “Sub-K has over 600 BCOs in villages across 12 states of India, but our BCOs in Sikkim will always be special as they underline our commitment to reach banking and other services to the under-reached in the hilly areas and north east as well. Before March 2012, we plan at least 200 more BCOs across Sikkim, Meghalaya, North Bengal, Assam and other states.”
For the BCO owner, Deepak Kr. Khatiwara, extending banking services through his store gives him a new stream of products which beget him commissions in the region of Rs 2000 per month, which is close to 25% of his current store earning. Over the next few weeks he would also be able to provide his customers more services like mobile top-ups, satellite TV top-ups, bill payment services and even bus and train ticket reservations. All of these require only number literacy on the part of users who would use the Sub-K’s mobile application at the BCO, bypassing the era of availing these services over internet.
BASIX Sub-K itransactions Ltd (Sub- K), a BASIX Group company, provides residents of rural and semi urban areas with a mobile technology based transactional platform for access to digitized services. These could include banking services, savings, NREGA and other government payments, money transfers, utility payments, prepaid mobile top-ups and others, enabled through a network of Basic Convenience Outlets operated by company agents.
Sub-K, which means ‘less than 1000’, helps people access services within a distance of 1000 metres , with transaction values under Rs. 1000, by incurring transaction fees less than 1000 paisa, through outlets that typically serve 1000 customers in a locality. [from SANJAY AGARWAL]