With an aim to empower financial inclusion and provide vital banking services to the public, the State Bank of India has introduced a ‘Mobile Handheld Device’ for its financial inclusion customers. “This is a significant step towards improving accessibility and convenience in banking services,” according to the State Bank of India press release.
“This initiative, unveiled by Dinesh Khara, Chairman SBI, aims to empower financial inclusion and extend essential banking services to the masses,” added the press release.
In its initial phase, the mobile handheld device will offer five essential banking services, including cash withdrawal, cash deposit, fund transfer, balance enquiry, and mini statement, which together make up more than 75% of all transactions made at SBI’s CSP locations.
The bank also intends to soon increase the services it offers by adding things like social security enrollments, account opening, remittance, and card-based services.
According to the SBI press release, “The Mobile Handheld Device is set to revolutionize banking accessibility by bringing kiosk banking directly to customer’s doorstep. It offers greater flexibility to customer service point (CSP) agents enabling them to reach out to customers wherever they are. The initiative will particularly benefit customers who face challenges in accessing CSP outlets due to health issues, Senior citizens and Divyangjans.”
SBI Customer Service Point
Customer Service Point is a non-banking financial institution. As a result, SBI CSP functions as a mini-bank for conducting limited transactions and sourcing business.
According to the SBI website, “CSP is Customer Service Point appointed by the Business Correspondence or third party agents. They are the primarily mom and pop stores owners, small retail store owners or sellers of telecom vouchers available near your locality.”
Account opening, cash deposits, cash withdrawals, balance inquiries, and money transfers are just a few of the essential banking services that CSPs, who are authorised agents of the bank, provide to customers.
