In a recent press report, Mr. P.Nanda Kumaran, Managing Director of State Bank of Travancore said that SBT has steadily picked up mobile banking services. In his statement Mr. Nanda said that the mobile banking services in SBT is progressively gaining momentum and it has nearly touched a five digit number in case of registrations done monthly for the past three months. The transactions of mobile banking services of the bank have gone beyond Rs.1 crore a month during this period.
Besides, it is seen that the internet banking has been effectively used in Kerala for the payment of commercial taxes wherein it is seen that around 60,000 Internet transactions worth Rs. 900 crore to Rs. 1000 crore were carried out every month.
This has made the bank to anticipate the mobile banking and internet banking to grow higher in the near future.
The bank became a subsidiary of State Bank of India in the year 1960, under the SBI Subsidiary Banks Act, 1959, enacted by the Parliament of India. The bank recently announced a 25 basis point-hike each in base rate and benchmark prime lending rate to 9.75 per cent and 14.50 per cent. The hike in its interest rate is likely to make its loans such as home loan, personal loan, auto loan etc costlier.