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SBI sees jump in mobile banking in 3-4 yrs

HT Correspondent, Hindustan Times  Mumbai, December 31, 2012
First Published: 23:19 IST(31/12/2012) | Last Updated: 23:26 IST(31/12/2012)

India’s largest bank, State Bank of India, on Monday said the number of customers having mobile banking account has gone up to 5.4 million now from 200,000 in 2009.


“Currently mobile banking segment is not contributing significantly to the total revenue but going forward in the next 3-4 years mobile banking will contribute significantly to the revenues,” said RK Saraf, deputy MD, corporate strategy and new businesses, SBI, while launching mobile wallet service ‘State Bank Mobicash Easy’.

Mobile wallet, which is a prepaid account accessible over mobiles, enables the consumers to send remittances to any bank account, pay bills, and recharge mobiles or DTH connections.

For using the service, a consumer need not to be a customer of SBI and can be used by any one who has a mobile connection.

“This service will also address the requirements of financial inclusion as it enables us to extend financial services to unbanked masses,” Saraf said.

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