“Demonetisation is the biggest push. The biggest beneficiary is digital banking,” State Bank of India MD 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 2-3 years,” Kumar said.
The SBI MD also said that in terms of cost effectiveness nothing could match digital banking.
While it costs the bank Rs 40 per transaction at a bank branch, Rs 9 at an ATM, at a customer service point Rs 12-13, it was only 50 paise through digital banking, he added.