Central Bank of India, Mastercard & Suvidha join hands to expand financial inclusion
The Central Bank of India announced its first-of-a-kind, co-branded open loop prepaid card in association with Suvidha Infoserve Pvt Ltd and Mastercard, in an effort to empower 65,000 Suvidha retailers in offering a wide range of services to customers across 2,800 towns in India.
Central Bank of India chairman and managing director Rajeev Rishi said ‘this is aimed at reaching out to both banked and un-banked population across the country, especially in Tier II and Tier III cities, while also furthering the cause of financial inclusion. We subscribe to the Reserve Bank of India objective to become cashless and reach a target of one million cards, besides expanding our ATM reach from present 3,000 to touch 4,000 – at one per branch – before end of this financial year,’ he said.
Suvidha founder/chairman Paresh Rajde said the company had pioneered the service commerce in India in innovatively delivering neighbourhood convenience to over 15 million digitally-excluded customers through its vast retailer network.
Central Bank of India chairman and managing director Rajeev Rishi said ‘this is aimed at reaching out to both banked and un-banked population across the country, especially in Tier II and Tier III cities, while also furthering the cause of financial inclusion. We subscribe to the Reserve Bank of India objective to become cashless and reach a target of one million cards, besides expanding our ATM reach from present 3,000 to touch 4,000 – at one per branch – before end of this financial year,’ he said.
Suvidha founder/chairman Paresh Rajde said the company had pioneered the service commerce in India in innovatively delivering neighbourhood convenience to over 15 million digitally-excluded customers through its vast retailer network.