SBI to launch no-frills savings account proj in Mumbai, Punjab

SBI to launch no-frills savings account proj in Mumbai, Punjab

New Delhi: The country’s largest public sector lender, State Bank of India (SBI), plans to launch no-frills savings account project, which can be operated through mobile phones, in Mumbai and Punjab within next two months.

A consumer of the said mini savings account can remit money to his family from his mini savings bank account using his mobile phone and without taking the trouble of visiting a bank branch or writing cheques and getting demand drafts made.

The project was launched by SBI and Eko Aspire Foundation on a pilot basis in Delhi.

“We are now operational in Delhi and Sitamarhi, Sheohar, Madhubani and Samastipur districts of Bihar, through a wide network of 200 plus SBI Eko Counters," Eko Aspire Foundation chairman Abhishek Sinha said.

Sinha further said: “We plan to increase coverage to the rest of Bihar soon. We feel very privileged to be associated with India’s largest public sector bank State Bank of India in this noble initiative already positively impacting lives of 5,000 plus customers."

The project will give a new dimension to financial inclusion as it targets customers like small business owners, and students who earn less than Rs5,000 a month.

Eko will train kirana, medical and fair price shops as business agents who will act as bank extension counters.

More financial products like micro-insurance, mutual funds, loans and savings products would be introduced soon.