SBI launches ‘Mobile Handheld Device’ for financial inclusion customers. Details here

The State Bank of India (SBI) has on October 4 launched a 'Mobile Handheld Device’ for its financial inclusion customers in a bid to enhance accessibility and convenience. Chairman Dinesh Khara in a statement said the initiative "aims to empower financial inclusion and extend essential banking services to the masses."

In its first phase, the device will provide five core banking services that account for 75 percent of transactions conducted at CSP outlets. These include cash withdrawals, cash deposits, fund transfers, balance inquiries, and mini statements. The plan is to expand offerings to account opening, card-based activities, enrolment under social security schemes, and remittance.

"Our goal is to make banking facilities accessible to all sections of society, particularly the unbanked, to fulfill the aspirations of financial inclusion," Khara said, adding that the customer experience will be seamless.

The release added that the Mobile Handheld Device will "revolutionalise banking accessibility by bringing kiosk banking directly to customer’s doorstep". The initiative will also enable customer service point (CSP) agents to reach customers, especially senior citizens, divyangjans, and others affected by health issues.

"This technology-driven initiative underscores SBI's commitment to deepening financial inclusion and social welfare through digitization by providing convenient and doorstep banking to our customers," Khara added.

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SBI is the country's largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country, having funded over 30 lakh homes. The home loan portfolio of the bank has crossed ₹6.53 lakh crore.

As of June 2023, the bank has a deposit base of over ₹45.31 lakh crore with a CASA ratio of 42.88 percent and advances of more than ₹33 lakh crore. SBI commands a market share of 33.4 percent and 19.5 percent in home loans and auto loans respectively.