Innovation by SBI: Banking through kiosk

State Bank of India (SBI), the biggest money lender of the country, is coming up with various strategies to fulfill the needs of population.

Recently it was in the news for inaugurating ‘crorepati only’ branch and now SBI has started one more venture.

It has come up with a plan, with which it aims to bring banking services to under-banked sections of the society through the use kiosk.

SBI has started offering banking services through kiosks set up at kirana or grocery stores and other small businesses, where customers can open an account, deposit cash, withdraw or transfer money, and get a valid receipt for the transaction.

The bank has opened the first 50 kiosks in Mumbai, including one in Dharavi, as well as 30 in Delhi.

SBI aims to open around 1,000 such kiosk in and around Mumbai. It has already opened another 870 kiosks across the state.

By October 2010 the kiosks will be operational in UP and Bihar as well.

In collaboration with Oxigen, a bill-payment, mobile recharge and ticketing systems provider, the bank has opened the kiosks.

Other Bank to follow the innovative idea is Bank of India; others will join sooner or later.

The SBI kiosks provide banking services six languages. A person can and open a no-frills account with simply walking in at any such kiosk, without the mandatory  proofs of identity and residence as necessary to open an account a normal bank branch; nor is it mandatory to maintain a minimum balance.

The shopkeeper will take a photo of the person also fingerprints with a biometric device.

So, if you do not have an address proof  just show your current place of residence, which  can serve as an address proof.