The State Bank of India credited the demonetisation move made by the government on November 8 for the biggest push towards the digital banking. The bank said it envisions the entire range of banking services going digital over the next few years.
The State Bank of India Managing Director Rajnish Kumar said at the two-day Inclusive Finance India Summit, “Demonetisation is the biggest push. The biggest beneficiary is digital banking.”
He also said, “We envision a bank where end-to-end processes are provided through mobile banking. It will happen in 2-3 years.”
The SBI MD also said that in terms of cost effectiveness digital banking is the one and only better way and nothing could match.
He added, “it costs the bank Rs 40 per transaction at a bank branch, Rs 9 at an ATM, at a customer service point Rs 12-13, it was only 50 paise through digital banking.”
The decision of digital banking will be beneficial to the people because it will reduce the cost as well as the time which people spent at the time of transaction.
--with agency inputs
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