SBI, country's largest public sector lender, plans to launch a no-frills account project, which can be operated through mobile phones, in Mumbai and Punjab within Next two months.
A consumer of the mentioned savings account would be able to remit money to his family from his mini savings account with the help of his mobile phone without taking the pain of visiting a bank branch or writing cheques and getting demand drafts made.
The project has already been launched by SBI and Eko Aspire Foundation on a pilot basis in Delhi.
"We are now operational in Delhi and Sitamarhi, Sheohar, Madhubani and Samastipur districts of Bihar, through a wide network of 200 plus SBI Eko Counters," Eko Aspire Foundation chairman Abhishek Sinha said.
He further added that they planned to increase coverage to the rest of Bihar soon. He said that the project would affect lives of over 5,000 customers.
The project is believed to add a new dimension to financial inclusion as it targets customers like small business owners and students who earn less than Rs. 5000 a month.
Eko would provide training to kirana, medical and fair price shop owners as business agents who will act as bank extension counters.
Recently SBI card has launched an option to pay dues with the help of debit card. This would enable the customers to choose from 13 different options to pay their credit card dues.