Sirius Advances The Government Mandate To Facilitate Banking And Financial Services To Villagers Of India
SAN DIEGO, Nov. 14, 2012 /PRNewswire/ -- Sirius Financial Services, Inc. (Pink Sheets: JZZI, www.SiriusFSinc.com ), through its wholly owned subsidiary SAMVRIDDHI, announced today that it has implemented banking facilities in 293 villages to date, with a total of 233,110 customer accounts now opened. Sirius has achieved this level of success in just the last 6 months. "These tallies represent our agility and expertise in gaining a large customer base quickly, fulfilling our commercial bank partners ambitions, and most of all, carrying out the mandate issued by the government of India," said Cherian Arattuculam, CEO of Sirius Financial Services. The government of India's intention is to ensure that the benefits of India's economic growth reach its citizens at all levels. The campaign is a big step towards socio‐economic equality by bringing the suburban and rural segments of India's population into the formal banking fold for the first time and Sirius is playing a major role in its success. "What is most important to note," added Cherian, "is that that the majority of these villagers are entitled to receive financial assistance, and/or subsidies from the government in the form of real money. However, they are not able to receive this money unless they possess the type of bank account that Sirius offers. Consequently, the Indian government in its efforts to build out a far‐reaching national banking system, has also mandated that any funds disbursed to these villagers, must be received through an established bank account. This proves to be the most valuable incentive for Sirius in achieving it and the government's goals while helping the villagers. Everybody wins."
Sirius is aggressively establishing these banking facilities under mandate via "Swabhimaan", a nationwide program in India aimed at providing financial inclusion to citizens in 73,000 villages. The Indian government has a clear directive to build out a national banking system that includes remote rural areas. Sirius has partnered with 5 national and regional commercial banks to provide these banking services.
India represents the world's second most populous nation and approximately 17.5% of the world's total population with approximately 1.21 billion people. The villagers of India represent approximately 70% of the total population of India and Sirius' initial target market includes approximately 146 million villagers. Sirius is initially focusing its energy on villages with populations greater than 2000 people.
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