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.
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.