Country’s largest commercial bank, State Bank of India (SBI) expects the mobile banking transactions to grow to 3,360 lakh, amounting to Rs 7,56,000 crore, during the current financial year.
In FY18, the number of India’s largest lender’s mobile banking transactions are reported to have touched 2,706 lakh, with a total volume of Rs 6,00,502 crore.
We expect the numbers of mobile banking transactions to grow to 3,360 lakh, amounting to Rs 7,56,000 crore in FY18-19,” SBI’s deputy managing director and chief information officer, Mrutyunjay Mahapatra, said.
As on March 31, the bank had over 305 lakh registered users of mobile banking channel.
SBI chairman Rajnish Kumar had recently said the share of number of transactions that takes place on bank’s alternate channels like Internet banking, point of sale (PoS), mobile banking and ATMs, among others, has increased to 80 per cent as of March-end.
“With smartphone penetration sharply going up due to competition in the telecom space, cost-effective models being available and expansion of Wi-Fi/4G/3G networks, we are well poised to further our leadership position in mobile banking,” Mahapatra added.
The largest commercial bank in India in terms of assets, deposits and profits currently boasts of having over 430 million customers.