Nokia, Yes Bank tie-up for rural mobile banking

Written by Rachana Khanzode | Mumbai | Updated: Aug 7 2010, 05:31am hrs
Handset manufacturer Nokia and Yes Bank have come together to launch mobile-payment solutions to push financial inclusion across the countrys rural and semi-urban cities. Nokia Priority Centers as well as multi-brand handset vendors will help rural population open bank accounts with Yes Bank as well as perform basic transactions like debit/credit and transfer of funds.

Suresh Sethi, group president, transactions banking group, international banking, Yes Bank, said, The entire process is based on the mobile-payments and pre-paid Acts by the RBI (Reserve Bank of India) that has enabled us to certify correspondents that can offer basic banking services. We would be certifying to the Nokia vendors and thus enable rural banking.

Once is opened, which would be through a pre-paid platform, customers can debit funds at the Nokia centers which would be transformed into digital money on the phone. Nokia will train vendors across various cities who would be educating the consumers as well as perform necessary KYC norms.

Suresh Vedula, GM, sales, Nokia, said, The mobile payment solution is directed towards a cash-less society that would enable consumers transfer funds on mobile with-in an ecosystem like the regular kirana store and the laundry, amongst such payments. While utility fund transfers like electricity bill payments, land-line bills and even satellite TV providers would be tied up for direct funds transfer through mobile.

Obopay and Bill Desk, will also partner for pre-paid platform and for tie-ups with utility providers, respectively. The firm is doing a pilot project in Pune and has launched commercially in Chandigarh.