Tuesday, December 1, 2015

SBI to launch mobile wallet for feature phones soon (Nov 17, 2015)

WITH an aim to tap customers, who are not smart phone users, State Bank of India (SBI) would in three weeks launch ‘Batua’, the mobile wallet for feature phones. The functionality of it will be like already launched ‘Buddy’. This would allow transactions like fund transfers, bill payments, recharges, statements and others. This would also be made available in 13 regional languages, said Rajnish Kumar, managing director , SBI. The bank also has plans to launch 600 more branches this financial year in addition to the 100 already launched so far. In all, it would look to recruit about 7,000 personnel across cadres.
“There will be always need for new branches. There is space for all channels to grow — physical, electronic, mobile and other touch points,” Kumar said. The bank would focus on the SME segment to increase its lending. Sectors, including iron and steel, energy, roads and allied sectors, have been a drag on the performance. “The credit offtake from corporates has been subdued. We hope that to pick up in the second half of the financial year,” he said, adding that retail loan sector was growing around 16-18 per cent. Lending to corporates was showing a negative growth, he said. RBI had already factored the possible impact on lending rates if US Fed raised the rates in December.

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