SBI Mulls Mobile Banking on Low-end Handsets
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.
- PNB Scam: Some Tech Lessons For Indian Banks
- Unnecessary Security Cordons Make Fintech More Vulnerable
- E-Commerce Payment Market To Reach USD 135 Bn By 2023: Study
- What Lies Ahead For India's Fintech Sector?
- Google’s India Initiative Speak Volumes About India's Booming Internet Base
- Top CRM Features To Ensure Data Security
- City Union Bank India's First Banking Robot
- Google India Rolls Out Campaign To Protect Data, Devices
- Affordable Mobile Data Spurs Indian Feature Phone Users
- Global Blockchain Market To Reach $9.6 Mn By 2024: Report