Mobile banking transactions to surpass the 33 billion mark by FY 2019 according to SBI

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Aligning with the Government of India’s digitisation drive, State Bank of India believes that the number of their customers opting to use the mobile banking facility to make transactions will increase significantly in FY 2018-19. State Bank of India has assessed that the number of mobile banking transactions that will take place in the current financial year will go past the 33 billion mark, amounting to roughly about Rs.7,560 billion, as stated by Mrutyunjay Mahapatra, the deputy managing director and chief information officer of SBI.

According to Rajnish Kumar, SBI chairman, just 20% of their customer base are still using bank branches to make their transactions, while 80% of their customers are carrying out transactions through their internet banking accounts, the SBI mobile banking facility, and at partner POS (point of sale) terminals.

SBI-Mobile Banking
SBI aims to hit 33 billion mark for mobile banking transactions

Based on a report of the bank, as of March 31, 2018, the SBI mobile banking facility had 30.5 million registered users, making transactions amounting to Rs.6,005 billion in FY 2017-2018.

Mrutyunjay Mahapatra, the deputy managing director and chief information officer of SBI, attributed the increase of the mobile banking facility to the sudden surge in the telecom business and the stiff competition between mobile networks – resulting in customers on the receiving end of cost-effective internet plans.

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