Mobile and e – banking has picked up traction in SBT

By | September 6, 2011

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.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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