SBI 'banking' on alternative channels

State Bank of India (SBI), which has the largest banking network in Uttar Pradesh of over 1,200 branches, is expanding the alternative channels of banking.

These channels are being strengthened to provide anytime and secure banking services to its clients using IT platform such as ATM, mobile banking and internet banking.

Currently, SBI has almost 4,00,000 and 2,00,000 customers on its internet and mobile banking platforms respectively in the Lucknow Circle of UP spanning 57 districts.

“We have 1,280 ATMs in the circle and we are planning to add 1,400 more ATMs in the next two years,” SBI chief general manager K Ramachandran told Business Standard.

He underlined that alternate banking would only grow stronger and SBI with its robust technology platform would continue to lead its peers.

To leverage technology, SBI had recently introduced ‘Mobicash’, which is akin to prepaid wallet for online payments, fund transfer and merchant payments.

To provide ease of transferring money from accounts by using ATM card, the Bank had introduced ‘SBI transcash’.

SBI had launched Green Channel Counters, wherein customers can withdraw and transfer funds up to Rs 40,000 by swiping ATM card without filling any paper forms. This is aimed at saving paper and help conserve environment.

“We have rolled out this facility in 400 branches and plan to add 200 more machines (presently 730 machines) in 100 more branches in the next two months,” he informed.

Besides, the Bank plans to add 35 more branches to its Lucknow Circle tally of 1,215.

The Bank is giving priority to the agriculture and the MSME sectors, which together form the backbone of India’s second largest economy of UP. Ramachandran opined that the institution of self help groups should be strengthened in UP for expanding the scope of the banking industry in the remote areas.

“Following the recent slowdown in the world and domestic economy, the MSME sector has been affected and the need of hour is to diversify their product line and markets,” he added confirming that non performing assets (NPA) remained a worry for the banks.