“Demonetisation is the biggest push. The biggest beneficiary is digital banking”, says SBI MD Rajnish Kumar

New Delhi, December 5: Crediting demonetisation for the biggest push towards digital banking, SBI on Monday said it envisions the entire range of banking services to go digital over the next few years.

“Demonetisation is the biggest push. The biggest beneficiary is digital banking,” State Bank of India Managing Director Rajnish Kumar said at the two-day Inclusive Finance India Summit here.

“We envision a bank where end-to-end processes are provided through mobile banking. It will happen in two-three years,” Kumar said.

He said that in terms of cost effectiveness, nothing can match digital banking.

While it costs banks Rs 40 a transaction at a bank branch, Rs 9 at an ATM and Rs 12-13 at a customer service point, it will cost just 50 paise in digital banking, he added. IANS

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