As the part of its major expansion drive, payment solutions provider Oxigen is planning to ramp up payment network across semi urban and rural India.
The Gurgaon-based firm is also eyeing a large share of the remittances market and planning to prepare the ground for launching a payments bank.
“Oxigen has approached the Reserve Bank for a payments bank licence as it will promote financial inclusion by offering small savings accounts and remittance services to migrant workforce, low income households as well as small businesses,” Oxigen Chairman and Managing Director Pramod Saxena said.
To fund its expansion drive, Oxigen is in talks with investors to raise funds in the range of USD 150-200 million (about Rs 938-1,250 crore). According to reports, a major part of the fund is expected to materialise by June this year.
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