SBI launches ‘mobile handheld device’; here are the five services it offers for now

State Bank of India, the country's largest lender by assets, on Wednesday announced the launch of a device aimed at enhancing the accessibility and convenience for customers as part of its financial inclusion drive. SBI Chairman Dinesh Khara unveiled the “mobile handheld device”, meant to extend essential banking services to the masses, according to a company statement.

The banking behemoth said the device will bring kiosk banking directly to the customer’s doorstep, customer service point (CSP) agents more flexibility to reach out to customers.

"Our goal is to make banking facilities accessible to all sections of society, particularly the unbanked, to fulfil the aspirations of financial inclusion. With introduction of the Mobile Handheld Device, customers will have a seamless and vivid experience conducting transactions at their location,” said the SBI chairman.

“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.

The device will specially benefit customers facing difficulties in accessing customer service outlets, such as senior citizens, SBI said.

The PSU lender also said the device will offer five core banking services in its initial phase:
1. cash deposit
2. cash withdrawal
3. fund transfer
4. mini statement
5. balance inquiry

The initial phase will account for more than 75 per cent of the total transactions conducted at SBI's customer service point outlets, according to the statement.

SBI said it will shortly expand its offerings through the device to include services like enrolments under social security schemes, remittance, opening of accounts, and card-based services.

SBI is the country’s largest commercial bank in the country in terms of assets, deposits, branches, customers and employees, and also the largest mortgage lender.

The bank’s deposit base stood at Rs 45.31 lakh crore, with advances of more than Rs 33 lakh crore, as of June 2023, according to the statement.