SBI launches mobile wallet that needs no bank account
Dec 31 2012 , Mumbai
SBI has the largest mobile customer base of 54.5 lakh customers accounting for 79 percent of the country’s mobile banking customers. SBI mobile banking accounts for 65 per cent of the total mobile banking transactions in the country.
For mobile wallet facility does not have KYC requirements. As per Reserve Bank of India regulations the balance in the wallet should be restricted to Rs 10,000 and a single transaction can only be Rs 5,000 with a maximum of Rs 15,000 in a month. The bank is keeping the service free of charges.
SBI launched mobile banking service State Bank Freedom as an alternate channel in March 2009.