The leading government bank, State Bank of India (SBI) is aiming to create one stop solution for all banking activities. It is planning to install internet banking kiosks at its e-corner centers which can perform many cash related transactions. The kiosk would work as a cash recycler which can do cash dispensing, depositing, withdrawal, segregation of currency simultaneously.
SBI came up with the unique facility of ‘e-corner’ near its branches which provided many services like cash depositing machine, ATM, coin vending machine, electronic cheque dispensing machine under one roof. The bank aims to migrate gradually from branch banking to alternate channel banking like through ATM, internet, mobile etc.
About 45% transactions in SBI are currently being done on alternate channels. The chief general manager of SBI, Lucknow circle, Karnam Sekar said, “Usage of alternate channel banking was restricted to just 10% earlier. In last one and a half years, we could grow the dependence on alternate channels to about 45%. We now wish to increase the usage to 75-80% in next 10-12 months.”
Regarding ATMs security, bank said that UP police has developed a mobile application which when pressed will give an instant alert at all nearest police booths to help during emergencies. The app’s demo has already been witnessed by RBI and would soon be rolled out across all banks. SBI has about 1563 branches and 2000 ATMs in the state.
SBI’s Lucknow circle has opened about 55 lakh accounts under financial inclusion scheme and about 40 lakh accounts with zero balance. The bank works with about 7997 business correspondents and customer service points to spread its reach in remote and rural areas.