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Last month, India’s biggest lender <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) had announced several revisions that it would implement in its charges on different services. The new charges will be put into practice from today, June 1. Here’s the list of revised charges that SBI customers would have to shell out for almost every transaction. ATM charges Customers who use mobile wallet <keyword id="3458691" type="UNKNOWN" weightage="100" keywordseo="state-bank-buddy">State Bank Buddy</keyword> will have to pay Rs 25 per transaction for cash withdrawal through ATM. For basic savings banks deposit account holders, the service charges applicable will be Rs 50 plus service tax per transaction after first four withdrawals per month; Rs 20 plus service tax at other bank ATMs; and Rs 10 plus service tax for SBI ATMs. Normal savings bank account holders will continue to get eight free ATM transactions in metro cities and 10 free transactions in non-metro cities. Exchange of bad currency notes To exchange soiled/imperfect notes, up to 20 pieces and value of Rs 5,000 will be free of cost. However, more than 20 pieces will invite Rs 2 per piece plus service tax. In case the value of such notes goes above Rs 5,000, Rs 2 per piece or Rs 5 per 1,000 plus service tax, whichever is higher, will be charged. Cheque book charges In case a user wants a 10-leaf cheque book, he will be charged Rs 30 plus service tax. Similarly, a 25-leaf book would cost Rs 75 plus service tax and a 50-leaf book would be charged at Rs 150 plus service tax. Deposits and withdrawals through banking correspondents In case a user deposits cash of up to Rs 10,000 through banking correspondent, (s)he will be charged at 0.25% of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax. However, cash withdrawal of up to Rs 2,000 through banking correspondent will be charged at 2.50% of the transaction value (minimum of Rs 6) plus service tax. Online transfer Charges for IMPS fund transfer through internet banking/UPI/IUSSD will be Rs 5 plus service tax for transfer of up to Rs 1 lakh; Rs 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh; and Rs 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh.

SBI to introduce new service charges from today

Many Indian banks, including ICICI and SBI, are ready to take on a battle with non-bank companies offering <keyword id="6368227" type="UNKNOWN" weightage="100" keywordseo="Mobile-wallets">mobile wallets</keyword>. For this, they are armed with their readymade payment systems, a wide merchant network and an on tap customer base, with which they want to reclaim what was their territory just a couple of years ago. 
 
In the past one year, large lenders like ICICI Bank, SBI, Axis Bank and HDFC Bank have launched new payment instruments so that they can prevent their customers from moving money to these newly emerging non-bank companies. 
 These apps include SBI's Buddy, ICICI's Pockets, HDFC Bank's PayZapp and Axis' Lime, which are in the market to challenge <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword> and Citrus Pay. 
 
"It is an evolving space and the shift is towards digital transactions. None of us know the pace of the shift. Everyone is trying to experiment with the space," Axis Bank Chief Executive Shikha Sharma told ET. 
 
While on one side, wallets have spent millions of rupees to brand themselves and establish their presence in the market, banks are using their existing brand value to attract customers. 
 
"Investments in this business for us is in terms of deployment of resources as platform has been provided by our technology partner," said Manju Agarwal, SBI’s Deputy MD for corporate strategy and new businesses. 
 
Parag Rao, who heads cards and merchant acquiring at HDFC Bank, told ET that he has been leveraging the bank's merchant and customer base so that customers can be offered attractive discounts for users of PayZapp. 
 
"We want to facilitate all forms of transactions that the customer uses. In the physical world, the user can use the credit card and the debit card while in the mobile world he can use wallets," Rao said. 
 
Data from RBI show that the number of outstanding debt and credit cards have increased more than three times in the past six years. However, paying in cash is still people’s preferable option. 
 
"Banks are excellent settlement engines, but when it comes to user experience, we have been able to train 123 million people over the last five years to make digital transactions without glitches. People trust us with their money," said Nitin Mishra, head of products at Paytm, India's largest wallet company.

State-run banks don’t want you to use mobile wallets from non-banking players

<keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank Of India</keyword>, which is India’s largest lender, is now gearing up to become the first Indian bank to offer wallet services for feature phone users. 
 Called "Batua", this mobile wallet service would be launched next month and would be available to both <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> and non-SBI customers. The application will be exclusively available on Java-enabled mobile phones. 
 
"We want to cater to both India and Bharat and this new initiative is part of our efforts to cater to Bharat," said an SBI official. "Post-launch customers can log into sbi.co.in download "Batua" on their desktop and load the app on their phone," he added. 
 SBI, which has been taking steps to become the banker to <keyword id="1929810" type="UNKNOWN" weightage="100" keywordseo="Digital-India">Digital India</keyword>, has an annual IT budget of Rs 3,000 crore, a 20% market share, and a customer base of 28.6 crore. Out of this, 2.3 crore are net banking customers and 1.2 crore are mobile banking customers. 
 
In August, it had also launched its mobile wallet called SBI Buddy, but that was for smart phone users. SBI Buddy enabled customers to send money to new and registered customers, book movies, flights, hotels as well as use the mobile wallet for shopping. Batua, however, would only enable customers to load, pay and receive money. 
 
"We have a market place in Buddy. Unless the market place enables the Batua application to access these sites customers will be unable to enjoy the shopping experience on this app," the banker said. 
 
The bank is now planning to launch another version of Batua, which would only be for very basic phones that don’t even offer internet access or allow downloading any apps.

Know why SBI is killing the banking tech space

With its latest offering,<keyword id="143842" type="UNKNOWN" weightage="60" keywordseo="Mobikwik">Mobikwik</keyword> doesn’t want to limit you to pay or receive Mobikwik cash but it is open to integrating with other e-wallets like <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>. 
 
Not just that, Mobikwik ‘lite’ is claiming to be India’s lightest mobile wallet only taking up 700 kb on your phone. This app can prove to be a gamechanger after demonetization, for a majority of Indians who might have a basic smartphone but not an email address. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-Inside-Paytm-the-first-24-hours-after-demonetization/articleshow/55581182.cms">ALSO READ: EXCLUSIVE: Inside Paytm, the first 24 hours after demonetization</a> 
 <keyword id="1132860" type="UNKNOWN" weightage="60" keywordseo="Bipin-Preet-Singh">Bipin Preet Singh</keyword>, CEO &amp; Co-founder of Mobikwik explained <a href="http://www.businessinsider.in/The-5-people-you-should-have-in-your-startup/articleshow/55582908.cms">how this is going to work.</a> “We already have five e-wallets on our platform namely Pesa, Oxigen, Pockets, PayZapp and SBI Buddy. What this means is that the customer can use any of these wallets to pay through Mobikwik to a merchant.” 
 “Currently working with 2G or even Edge connectivity, <keyword id="3896202" type="UNKNOWN" weightage="20" keywordseo="Mobikwik-Lite">Mobikwik Lite</keyword> will soon work without any net connectivity too, thereby addressing all the challenges being faced by the masses in accessing wallet payments, from language to connectivity or quality of smartphones,” <keyword id="6361419" type="PERSON" weightage="20" keywordseo="Singh">Singh</keyword> said. This lightweight app is expected to be a free service for the merchants and customers until March 2017. 
 
Mrinal Sinha, COO, Mobikwik said, “After demonetization, we realized that we wanted to get as many people online as possible, from merchants to consumers. This move is to make digital payments through internet or SMS available to all. In theory, this will disrupt the market as it could replace POS devices.'' 
​ 
<a href="http://www.businessinsider.in/MobiKwik-launches-a-light-lite-app-to-integrate-all-Indians/articleshow/55662642.cms">The completely offline app is expected to launch in 10 days. E-commerce partnerships have been doing really well for the company, as it moves towards its goal of becoming profitable by mid-2018.</a> 
 
“80% of our e-commerce partnerships are profitable even after the cashback. Recharge and bills are breakevens for us,” claims Singh.

	 
	Maybe, partnering with other e-wallets makes sense on the way to profitability in the newly digitized market.

	 
	Whether it is going to be survival of the fittest or the lightest, only acquisitions will tell.

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SBI to introduce new service charges from today

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