SBI’s Mobile Banking Transaction Surged By 46% In 2014

State Bank of India (SBI), India’s largest public sector undertaking (PSU) bank, saw a surge of 46% in mobile banking in 2014. About 1.25 crore customers transacted through mobile phones in the year as compared to 85.78 lakh in 2013, the bank said.

SBI chairperson Arundhati Bhattacharya said, “India has just witnessed the launch of message-banking. We are confident once this is understood by the people, there will be an explosion of banking activities in the mobile space. This is what the future of banking holds.”

“Mobile banking will also play a larger role in the yet-to-be-launched payment banks with which SBI plans to have tie-ups,” she added.

“At present, customers can access the bank through State Bank Anywhere — the bank’s smartphone app which is integrated with internet banking. The service which is expected to be used by the masses is State Bank Freedom, which can be accessed by all phones,” the bank said in its press release. As per the bank’s release, the state-run bank had about 70% of its customers from non-metro cities.