The State Bank of India (SBI) on October 4 launched a ‘Mobile Handheld Device’ as part of its financial inclusion drive in a bid to improve accessibility and convenience. Chairman Dinesh Khara said the drive “aims to empower financial inclusion and extend essential banking services to the masses.”
In its first stage, the gadget will offer five main banking services that account for 75 percent of transactions at CSP outlets.
Mobile Handheld Device: Statements issued
The SBI chairman says, “Our goal is to make banking facilities accessible to all sections of society, particularly the unbanked, to fulfill the aspirations of financial inclusion. With the introduction of the Mobile Handheld Device, customers will have a seamless and vivid experience conducting transactions at their location”.
Khara added, “This technology-driven initiative underscores SBI’s commitment to deepening financial inclusion and social welfare through digitization by providing convenient and doorstep banking to our customers”.
The device will especially benefit customers facing difficulties in accessing customer service outlets, such as senior citizens, SBI said.
PSU on Mobile Handheld Device
The PSU lender also mentioned the device that will offer five essential banking services in its initial phase:
- Cash deposit
- Balance inquiry
- Cash withdrawal
- Fund transfer
- Mini statement
As per the statement, the first phase will account for more than 75% of the total transactions held at SBI’s customer service point outlets.
The bank will soon extend its offerings through the device to incorporate services like enrolments under remittance, opening of accounts, social security schemes, and card-based services.
SBI is the nation’s biggest commercial bank regarding assets, customers and employees, deposits, branches, and also the biggest mortgage lender.
The bank’s deposit base remained at Rs 45.31 lakh crore, with advances of over Rs 33 lakh crore, as of June 2023, as per the statement.
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