SBI Introduces 'Mobile Handheld Device' To Drive Financial Inclusion

In a groundbreaking move aimed at enhancing accessibility and convenience in availing banking services, the State Bank of India (SBI) has introduced the ‘Mobile Handheld Device‘ for its Financial Inclusion (FI) customers. This pioneering initiative, unveiled by the Chairman of SBI, Shri Dinesh Khara, seeks to empower financial inclusion and extend essential banking services to the masses.

What is a handheld device?

A handheld device refers to a compact computing tool featuring a display screen and an input/output interface, such as an external keyboard or a touchscreen. Based on this description of handheld devices and gadgets, various appliances fit this category, including mobile phones, PDAs, mobile PCs, handheld game consoles, and more.

What is Financial inclusion?

Financial inclusion, often referred to as inclusive finance, is the endeavor to ensure that financial products and services are within reach and reasonably priced for everyone, whether they are individuals or businesses, regardless of their personal wealth or the size of their company. The goal of financial inclusion is to eliminate obstacles that prevent people from engaging in the financial sector and utilizing these services to enhance their well-being.

Revolutionizing Accessibility

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 are. This initiative will be particularly beneficial for customers who face challenges in accessing CSP outlets due to health issues, senior citizens, and Divyangjans (persons with disabilities).

Core Banking Services at Your Doorstep

The Mobile Handheld Device will initially provide five core banking services:

Cash withdrawal
Cash deposit
Fund transfer
Balance inquiry
Mini statement

These services account for more than 75% of the total transactions conducted at SBI’s CSP outlets. In addition to these services, the bank has plans to expand its offerings to include services such as enrolments under social security schemes, account opening, remittances, and card-based services shortly.

Chairman’s Vision for Financial Inclusion

Shri Dinesh Khara, the Chairman of SBI, expressed his vision for this initiative, stating, “Our goal is to make banking facilities accessible to all sections of society, particularly the unbanked, to fulfill the aspirations of financial inclusion. With the introduction of the Mobile Handheld Device, customers will have a seamless and vivid experience conducting transactions at their location. This technology-driven initiative underscores SBI’s commitment to deepening financial inclusion and social welfare through digitization by providing convenient and doorstep banking to our customers.

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