End-to-end banking services to go digital soon

Crediting demonetisation for the biggest push towards digital banking, the SBI on Monday said it envisions the entire range of banking services to go digital over the next few years.

"Demonetisation is the biggest push. The biggest beneficiary is digital banking," State Bank of India Managing Director Rajnish Kumar said at the two-day Inclusive Finance India Summit here.

"We envision a bank where end-to-end processes are provided through mobile banking. It will happen in two-three years," he said, adding that in terms of cost effectiveness, nothing can match digital banking.

While it costs banks Rs 40 per transaction at a bank branch, Rs 9 at an ATM and Rs 12-13 at a customer service point, it will cost just 50 paise in digital banking, he added.

Kumar said that demonetisation has given a big boost to its Point of Sale (POS) machines and e-wallets, which are the major instruments of digital banking.

"For e-wallets, we are adding new 81,000 new customers per day. In next one week we should be adding as many as 2 lakh new customers every day," he said.

"For POS machines we have asked the service providers to increase the quantity as by March 2017, we are looking at adding 1 million more machines," he added.

While last year, SBI gave out one lakh POS machine at an average of 200 per day, the bank is now giving out 1,000-2,000 POS machines per day.

--IANS

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