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15.11.2012 17:27
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Sirius Advances the Government Mandate to Facilitate Banking and Financial Services to Villagers of India
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PR Newswire
SAN DIEGO, Nov. 14, 2012
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.
About Sirius Financial Services, Inc.
At present, JZZ technologies has one wholly owned subsidiary, Sirius Financial Services, Inc., which in turn owns 100% of Samvriddhi, a company that represents commercial banks in India and provides financial services to the villagers as mandated by the Government of India and the reserve bank of India. It intends to build effective working relationships with other strategic companies towards acceleration of Social and Financial Inclusion drive.
Forward‐Looking Statements Disclosure
This press release may contain "forward‐looking statements" within the meaning of the federal securities laws. In this context, forward‐looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward‐looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward‐ looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward‐looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
SOURCE Sirius Financial Services, Inc.
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