State Bank of India leads banking technology initiatives

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Srinagar: The State Bank of India has once again turned in a strong performance for the year ended March 2015 with a 23% growth in profits over the previous year. The bank’s Digital Channels are being used extensively by its customers and as a result, 68% of its banking transactions are now being done on these channels.
The bank’s theme for the current year is ‘Banker to Digital India’. Here we introduce you to some of the technology initiatives launched recently by SBI for further enhancing its customers digital banking experience:

SBI mCash: Enables you to transfer money to anyone by just knowing their mobile number or e-mail ID, irrespective of whether they bank with SBI or not .
Quick Transfer: Enables you to send upto Rs. 5000/- to anyone through mobile banking without registration of beneficiary.
SBI Quick: Access basic banking services through a simple Missed Call or an SMS.
Online Overdraft against Fixed Deposit: Provides instant overdraft facility against e-TDR/e-STDR through Internet Banking.
Online Loan against Shares: This online facility enables you to apply for loan against shares which are held in your Demat Account of SBI Cap Securities. The whole processing is fully automated and the loan amount gets credited to your account without any visits to the branch.
Online Loan Application Portal: A platform to apply for Home/Car/Education/Personal loans. Also enables you to check your loan eligibility and get instant e-approval.
Digital Banking Outlets: Experience state-of-the-art digital banking at “sbiINTOUCHLite” branches already live at select centres. The bank proposes to scale up the numbers during the current year.
Tie up with m-Commerce/e-Commerce players: The Bank has entered into MoUs with leading e-commerce players like Amazon & Snapdeal to explore ways to make shopping experience smoother and happier. Exciting and attractive cash back deals are being run from time to time.
SBI e-corners: 24X7 facilities to deposit, withdraw, transfer money, update passbook and use host of other facilities
Contactless Debit Card: Enables you to make fast, convenient and secure payment for everyday purchases by simply tapping your card.
State Bank Tech Learning Centre: Equips customers to take advantage of the latest technology at SBI through interactive learning programmes held across the country.
“The current year will be a transformational year for the bank with 20,000+ branches of State Bank Group being migrated to a more resilient internet network and launching of more products and services on digital platform, including mobile wallets to provide enhanced customer experience”, Arundhati Bhattacharya, chairman SBI says.

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