PANAJI: State Bank of India (SBI), on Friday, launched its first digital branch – sbiINTOUCH at St Inez, as a part of its programme to head towards cashless and paperless banking.
The branch will offer services such as instant account opening with debit cards, instant loan approval for car and home, expert advise via video links, computer facilities for online banking in an interactive settings.
It will function as a regular branch with all banking services but with one or two staff and excluding deposit and withdrawal of cash, said officials.
Rajnish Kumar, managing director and GE (National Banking Group) inaugurated the digital branch and said that more such hi-tech branches are in the pipeline. About 100 more such branches will be opened Pan-India by March 2016, taking the total for this financial year to 250 branches.
“SBI will only be setting up traditional branches in rural and semi-urban areas and in cities the network expansion in future will be in digital branches,” said Kumar.
The face of banking in India is changing due to changing demographics, he said. “The role of cash in the economy is coming down. In three to four years time banking will not be done the way as it is being done now and the digital branches are the way to keep pace with changing times,” said Kumar. The digital format will also appeal to the youngsters, he said.
Speaking of banking in Goa, Kumar said that the state is overbanked with 800 branches for a population of 1.5 million.
SBI top officials from Mumbai and Goa were present for the unveiling including Manosh Kumar Dutta, general manager, network-IV, Mumbai Circle, Plaban Mohanta, deputy general manager, Goa, Prasanna Kumar, regional manager, Goa, Neeraj Kumar Prasad, regional manager and Aniket Shejwal, branch manager, sbiINTOUCH.