Sirius Financial Services Forecasts Double Digit Growth in Number
of Villages and Account Holders Doing Business with SAMVRIDDHI by
April 2013 Under Swabhimaan Mandate
SAN DIEGO, Nov. 20, 2012 /PRNewswire/ -- Sirius
Financial Services, Inc. (Pink Sheets: JZZI, www.SiriusFSinc.com),
through its wholly owned subsidiary SAMVRIDDHI, announced today its
forecast for market penetration of its banking services to the
villagers of India under the
Swabhimaan mandate. As previously reported, India has a population of approximately 1.21
billion people and Swabhimaan is a nationwide program in
India aimed at providing financial
inclusion to its citizens who live in the 73,000 villages having
population of 2000 or more, and the additional 500,000 smaller
villages. The Indian government has a clear directive to build out
a national banking system that includes suburban and remote rural
areas. Sirius has partnered with 5 national and regional commercial
banks to provide these banking services.
Continuing on its early success, Sirius is forecasting a 36%
increase in the villages utilizing it banking services to 398
villages, up from 293 current villages, and an 87% increase in the
number of account holders to 437,000 account holders, up from
233,110 current account holders by April of 2013.
The mandate represents the government of India's intention to ensure that the benefits
of India's economic growth reaches
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. Under the program, 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.
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.