SBI Mulls Mobile Banking on Low-end Handsets

by CXOtoday Staff    Jan 21, 2010

State Bank of India (SBI) claims to have developed the technology to support low-end/entry-level mobile handsets for banking transactions.

Speaking on the sidelines of an IT event in Kolkata,  A Krishnakumar, deputy managing director (IT) at SBI, said, "Earlier, we faced difficulty in offering mobile banking facilities to our customers with low-end handsets. But now we have overcome this. We specifically asked Spanco to develop solutions for any new handsets that hit the market cutting across the price range."

Spanco Telesystems is SBI s service provider. Till recently, only SBI customers with smartphones had access to the facility.

By using the mobile banking facility, SBI customers will be able to transfer funds using NEFT, check their account balance, get mini-statements, place cheque book requests, pay utility bills, and even insurance premium.

SBI’s decision to stress on alternate banking channels comes at a time when Reserve Bank of India (RBI) has raised the ceiling on mobile banking transactions to Rs. 50,000 per day from Rs. 5,000 a day.