SBI to launch mobile banking service by month end

SBI to launch mobile banking service by month end
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First Published: Tue, Apr 15 2008. 03 12 PM IST
Updated: Tue, Apr 15 2008. 03 12 PM IST
PTI
Mumbai: Public sector lender State Bank of India will tie up with a domestic firm to roll out its mobile banking services within a month, a senior bank official said.
“The technology platform is ready for the launch of the mobile banking service. We have finalized a domestic firm as our partner to roll out the product,” the official told PTI here, without, however, disclosing the identity of the firm. SBI is understood to have finalized a technology partner to take the services to its nearly one crore customers pan-India, he said.
The bank will join a handful of banking majors, including Standard Chartered Bank, Barclays, Union Bank and Yes Bank, who are already active in this space.
Initially, the bank plans to offer basic banking services to its customers. These would include money transfer, account status enquiry and cheque book order, while other services such as bill payments and buying movie and travel tickets would be introduced later, he said.
“Transaction costs of our customers will come down. Besides, it will also enable them to perform their transactions faster,” the official said.
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First Published: Tue, Apr 15 2008. 03 12 PM IST