Banking services to go digital over the next few years: SBI

New Delhi: SBI today went on to say that it foresees the complete range of banking services going digital over the next few years. They also gave credit to demonetization move for the biggest push towards digital banking.

State Bank of India MD Rajnish Kumar was present at the two-day Inclusive Finance India Summit and there he stated: “Demonetisation is the biggest push. The biggest beneficiary is digital banking.”

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“We envision a bank where end-to-end processes are provided through mobile banking. It will happen in 2-3 years,” Kumar said.

Further he expressed that if we talk of cost effectiveness then nothing could match digital banking.

At the same time as it costs the bank Rs 40 per transaction at a bank branch, and Rupees 9 at an ATM, at a customer service point Rupees 12-13, through digital banking the amount comes out to be just 50 paise.

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