State Bank of India (SBI) is to
extend mobile banking to basic handsets, not only so-called
smartphones, as part of a drive to widen its m-banking customer
base.
SBI’s move to promote the mobile channel
alternate follows the Reserve Bank of India raising the ceiling on
mobile banking transactions to INR50,000 ($1,000) per day from
INR5,000 a day.
Go deeper with GlobalData
The bank is working on adopting technology
from India-based IT partner Spanco Telesystems, which already
supplies the mobile banking service for high-end handsets.
It plans to extend the service as part of its
programme to grow the 25 percent of transactions which occur via
direct channels.
The bank is also planning to double the
customer base of its ‘SBI Tiny’ scheme, which was launched in 2006
and targets rural customers using biometric identification.
The ‘no-frills’ banking service will look to
cater to nearly 40 percent of the rural population that does not
have a bank account.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataSBI’s channel investments, including a rapid
expansion of its branch network, are part of its ambitious growth
plans designed to achieve a mean growth rate of 25 percent in
business over the next few years (see
RBI 625).
