SBI to train customers on banking technology

Mumbai: In an effort to make customers aware about the technology channels available with the lender, State Bank of India (SBI) will be training its customers, with hands-on demo, of the various ways banking can be done using technology.

The bank has set up 385 tech-learning centres throughout the country, which will be conducting interactive learning sessions and demonstrations of the bank’s tech-channels on the third Friday of every month between 4pm and 6pm.

While brick-and-mortar branches will continue, SBI wants its customers to carry less cash and use alternative channels more so that transaction costs come down and corruption gets checked automatically, said the bank’s chairperson Arundhati Bhattacharya at a function to inaugurate the technology centres.

Reserve Bank of India (RBI) deputy governor H.R. Khan said at the occasion that India needs to move towards a cashless economy as much as possible.

“The cash in the system is about 12% of the GDP. Not many countries have this kind of cash dependency,” said Khan, adding modern technology and a bevy of product offerings by banks should reduce carrying cash.

The Reserve Bank is also working on eliminating two-factor authentication on cards for low value transactions for up to Rs.3,000, so that bills can be paid easily.

State Bank of India