SBI strikes 52-week high on partnering with Oxigen Services

State Bank of India (SBI) is currently trading at Rs. 2502.20, up by 29.00 points or 1.17 % from its previous closing of Rs. 2473.20 on the BSE.


The scrip opened at Rs. 2465.00 and has touched a new high and low of Rs. 2519.90 and Rs. 2450.50 respectively. So far 490137 shares were traded on the counter.


The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 2519.90 on 30-Jul-2010 and a 52 week low of Rs. 1644.00 on 30-Jul-2009.


Last one week high and low of the scrip stood at Rs. 2519.90 and Rs. 2401.00 respectively. The current market cap of the company is Rs. 159324.02 crore.


The promoters holding in the company stood at 59.41% while Institutions and Non-Institutions held 28.71% and 8.59% respectively.


Public Sector Lender, State Bank of India (SBI) has tied up with recharge and billing services company, Oxigen Services and its supported company Sahyog Microfinance Foundation to offer banking services to customers through its Kiosk banking system by connecting directly to SBI’s core banking system by Oxigen web retailers.


This move is being seen as the banking major’s attempt to reach out to ‘unbanked masses’ and help them open accounts, avail loans and make investments through web-based kiosks. Meanwhile, the services will be facilitated by Sahyog Microfinance Foundation which will appoint existing Oxigen retailers as Customer Service Points to carry out the banking services. The service will be rolled out initially in Delhi-NCR and Mumbai and will be taken nationwide in due course.


Presently, three kiosk banking outlets have been opened up in villages in NCR region namely at a village near Jangpura, Gurgaon and Noida. The customers will also be able to get auto/home loans and loans against property and gold, get NSC/KVP certificates, invest in mutual funds, and activate different accounts current, term deposits and recurring deposits at these locations.


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