State Bank of India to launch its own version of digital only bank soon

Wednesday, January 11, 2017

The country’s largest lender SBI will take the lead among state-run lenders to launch branch less banking. The latest launch from the lender – SBI Digi Bank will have a financial superstore, a market place and end to end digitisation for all products and services.

SBI will soon rub shoulders with the likes of Europe’s M-Bank and Canada’s Tangerine Bank as it prepares to launch its own version of Digital only bank in the next 3-6 months. While SBI did not respond to a mail seeking an official response, a senior official confirmed the development on the condition of anonymity.

“We are working on a digital-only bank where no individual will be visible to the customer and all transactions will be done with the help of apps, internet banking and mobile banking,” said the banker. “It will be an omni-channel, omni-device digital bank which will be available to both new and existing customers.”

The digital-only bank, which will be device-agnostic, will use the Aadhar infrastructure for not only on-board customers but also provide them services online.

Source: Economic Times (link opens in a new window)

financial inclusion