Axis Bank along with Idea Cellular has introduced a mobile based financial inclusion initiative “Idea MyCash”, a facility aimed at providing basic banking services including money transfer, using the mobile platform.
This service will provide basic banking services like cash deposit, cash withdrawal and balance enquiry besides enabling money transfer between the migrants in urban areas to their beneficiaries back home. The remittance facility is being offered in the Dharavi -- Allahabad remittance corridor to begin with and will be extended to other remittance corridors subsequently.
As per this scheme, the customer can open a no-frills bank account of Axis Bank at Idea’s outlet by submitting minimal documents. Once on board, he/she can perform basic banking services like deposits and withdrawals at the Idea outlet either free or for a charge.
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