SBI Introduces ‘Mobile Handheld Device’ for Enhanced Financial Inclusion

SBI Introduces 'Mobile Handheld Device' for Enhanced Financial Inclusion
SBI Introduces 'Mobile Handheld Device' for Enhanced Financial Inclusion

In a groundbreaking effort to improve the accessibility and convenience of banking services, the State Bank of India (SBI) has launched the ‘Mobile Handheld Device’ for its Financial Inclusion (FI) customers. This pioneering initiative, unveiled by SBI Chairman Shri Dinesh Khara, is designed to promote financial inclusion and make essential banking services more accessible to a wider audience.

A handheld device typically refers to a compact computing tool with a display screen and an input/output interface, such as an external keyboard or a touchscreen. This category encompasses various devices and gadgets, including mobile phones, PDAs, mobile PCs, handheld game consoles, and more.

Financial inclusion, often referred to as inclusive finance, is the ongoing effort to ensure that financial products and services are readily available and affordable to all individuals and businesses, regardless of their personal wealth or the size of their enterprises. The objective of financial inclusion is to eliminate barriers that prevent people from participating in the financial sector and utilizing these services to improve their well-being.

The introduction of the Mobile Handheld Device is set to revolutionize banking accessibility by bringing kiosk banking directly to customers’ doorsteps. It offers greater flexibility to Customer Service Point (CSP) agents, enabling them to reach out to customers wherever they may be. This initiative will be particularly beneficial for customers facing challenges in accessing CSP outlets due to health issues, senior citizens, and individuals with disabilities (Divyangjans).

Initially, the Mobile Handheld Device will offer five core banking services, including cash withdrawal, cash deposit, fund transfer, balance inquiry, and mini statements. These services account for more than 75% of the total transactions conducted at SBI’s CSP outlets. Additionally, the bank plans to expand its offerings to include services such as enrolling in social security schemes, opening accounts, facilitating remittances, and offering card-based services in the near future.

Shri Dinesh Khara, Chairman of SBI, shared his vision for this initiative, stating, “Our aim is to make banking facilities accessible to all segments of society, particularly the unbanked, in order to fulfill the objectives of financial inclusion. With the introduction of the Mobile Handheld Device, customers will have a seamless and immersive experience conducting transactions at their convenience. This technology-driven initiative underscores SBI’s commitment to deepening financial inclusion and promoting social welfare through digitization, by offering convenient and doorstep banking services to our customers.”