Armed with the regulatory approval from RBI as the custodian bank and the custodian of funds under the money transfer services, Yes Bank and Nokia have started the pilot project from Pune and will gradually extend it to other parts of the country.
Apart from money transfer, the service will also allow people to pay utility bills and top-up SIM cards. “Looking ahead, there will also be the facility to pay for goods and services,” Yes Bank Group President (Transaction Banking Group, International Banking) Suresh Sethi.
However, Nokia India Vice-President and MD D Shivakumar said that the deal may not be exclusive between the two entities and that Nokia will work in parnership with multiple network operators and banks.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks