State’s first digital banking branch getting good response

With digital banking gaining momentum among tech-savvy youngsters, India’s premier bank SBI is happy over the initial response to the first sbiINTOUCH branch opened in Andhra Pradesh here at Asilametta on December 11.

With e-lobby, ATMs, recycler with cash deposit and withdrawal, electronic cheque drop and passport printing, the ultra modern facility has provision to issue ATM card, personalised debit card and account opening based on Aadhaar cards within a few minutes.

The branch received 500 footfalls, a deposit of Rs.25 lakh and a loan sanction of Rs.1.25 crore despite a few days delay in launching full-fledged operation after its inaugural.

“The initial response is quite encouraging and we hope it will pick up further once the word spreads further on the innovative touch and user-friendly branch,” SBI Deputy General Manager Ajoy Kumar Pandit told The Hindu on Tuesday.

He disclosed that they had created a separate enclosure at the branch for offering expert financial advisory free of cost through live video calls. It will offer insurance, mutual fund, tax planning and other advice free of cost within a month.

Mr. Pandit said depending on the demand they might open another sbiINTOUCH branch either at Madhurawada or MVP Colony.

To take advantage of demographic dividends with the projection that the average age will be 29 by 2020 in India, he said Mr. Pandit said they were focusing on strengthening online solutions. Mobile banking and internet banking are becoming highly popular with hassle-free transactions for study loan sanction including overseas admissions.

Four new branches

The bank will open four new branches – three in city at Kaparada, Kommadi and Chinamushidivada and another at Balaga in Srikakulam district by March-end.