The largest public sector lender of the country, State Bank of India, has introduced a mobile wallet facility for its customers by the name ‘MobiCash', on a trial basis in Mumbai and Delhi.
This facility enables customers to transfer funds to any bank account or to a wallet of State Bank of India. This service can be utilized to pay bills, pay for broadband and digital T.V. connections and recharge mobiles. Apart from this, customers can also know about the balance and last five transactions conducted via their mobile wallet.
This service can be utilized not only by the existing customers of SBI but also by non-SBI customers. Know-Your-Customers Norms need not be fulfilled for availing this facility. Though, in accordance with the guidelines issued by Reserve Bank of India, customrs are not allowed to withdraw funds from the wallet once they have been deposited in it.
On the launch of ‘MobiCash', the bank issued a statement which said, "Even though the product can be used by any segment of the population, it is designed in such a way that it can help immensely the migrant labourers who generally do not carry any document to meet KYC compliance but always have a need to send money home."