The bank has digitized services for customers to facilitate P2P fund transfer, which ensures fund transfer through a very simple yet secured process. State Bank mCASH is a simple and quick way to claim funds sent by State Bank of India customers through internet banking or State Bank Anywhere mobile application based on just mobile number or email id.

The bank has also entered the mobile wallet space with SBI Buddy. “The wallet is available to our customers as well as those who are not. It can be used to send money to new and registered customers, book movie tickets, flights, hotels as well as do shopping. It has features like reminders to settle dues, recharge and pay bills instantly. It is available in 13 languages. At present, we have 2 lakh customer base for the wallet and our target is to touch one million shortly. We intend to position ourselves in the market place as an integrator and hope to tie up with e-commerce firms so that we can be an effective channel for bill payments,” says Bhasin.

Another wallet initiative in this direction is the tie-up envisaged with BSNL to launch a mobile wallet, which will allow customers to withdraw money through State Bank ATMs.


One significant aspect of the digital endeavours of the bank is that it has strengthened its internet banking. “OnlineSBI is our internet banking portal,” says Bhasin, adding, “which provides anywhere, anytime, online access to accounts for our retail and corporate customers. The application is developed using the latest cutting edge technology and best security frameworks and tools.”


For corporate banking, the bank provides three transaction banking products – Saral

Shiv Kumar Bhasin outlines the various digital initiatives of the bank, which will propel it into the nextgen

for single users, Vyapaar for multiple users with transaction limit upto =t50 lakh per transaction and Vistaar for multiple users with transaction limit upto ?500 crore per transaction. In addition, there are two enquiry products – Khata for single users and Khata Plus for multiple users for large corporates. These products offer the corporate customers the privilege oftransacting anywhere anytime and using any device.

“This has indeed resulted in a lot of advantages and conveniences to corporate customers in managing their finances and delegating authority to concerned officers without geographical constraints using desktop based Corporate Internet Banking,” says Bhasin.

The bank is now launching corporate mobile banking with Saral, Vypaar and Vistaar as smartphone applications. This is one of the key digital transformations to migrate customers to mobile channel.


While undertaking the digitization efforts, the bank is not overlooking the security aspects. It proposes to launch applications to make internet banking not only secure but convenient and simple to transact. One of the irksome factors in internet banking today, according to Bhasin, is the OTP – as part of the two-factor authentication procedure mandatorily required. “There can be many misses here – there can be a telecom network delay/failures in sending the OTP to the customer. This complication further aggravates for smartphone customers who carry out netbanking on mobile phone, which impacts the success of the internet-based transaction. We are intending to provide to our customers the capability to fetch the OTP in realtime using smartphone OTP app. There will be a security check based on the transaction details and once through, the OTP will be available on the phone via internet. Alternatively, we can also provide security algorithm based soft token app where the OTP would be generated by customer on his mobile. This means there is no dependency on telecom networks or internet connection on phone,” he explains.

There could be communication problems as a result of which an OTP cannot be either sent or fetched – example is states like Jammu and Kashmir as well as some border areas. “This Smartphone application based soft token can be used to generate the OTP rather than waiting for SMS based OTP. A customer would have the choice to use the appropriate security mechanism. It will ensure success of internet banking transaction and availability anytime, anywhere,” says Bhasin.


The bank has launched registration and password reset for internet banking as self services. A customer could subscribe to internet banking from the comfort of his home/office, which makes the internet banking true anytime, anywhere banking services. Similarly, if a customer forgets his password, he/she could reset it using self service anytime/anywhere. This transforms the business process where paper-based onetime user-id and password for internet banking credentials were provided to the customers from branches. The customer does not need to visit the branch for resetting his password.

Another application is what Bhasin describes as digital green PIN.

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