State Bank of India (SBI) has unveiled a 'Mobile Handheld Device' as part of its technology-driven Financial Inclusion Initiative. The device was launched on Wednesday under the leadership of Chairman Dinesh Khara, marking a significant step towards enhancing banking accessibility for customers with limited access to customer service outlets.
The handheld device initially offers five essential banking services — cash deposit, balance inquiry, cash withdrawal, fund transfer, and mini statement. These services cater to 75% of transactions at SBI's outlets. The bank has plans to further expand these services to include enrolments under remittance, account opening, social security schemes, and card-based services.
This initiative is particularly beneficial for senior citizens who often face challenges in accessing traditional banking outlets. The new device aims to bridge this gap by providing essential banking services at their fingertips.
According to InvestingPro data, SBI's market cap stands at 100.51M USD, with a revenue growth of 5.67% as of Q2 2023. The bank's gross profit margin is at an impressive 100%, indicating a strong operational efficiency. Despite a negative P/E ratio of -86.14, the bank's dividend yield is at a healthy 3.93%, showing a commitment to rewarding its shareholders.
As of June 2023, SBI held a deposit base of Rs 45.31 lakh crore and advances over Rs 33 lakh crore. This makes it the nation's largest commercial bank in terms of assets, customers, employees, deposits, branches, and mortgage lending. The introduction of the 'Mobile Handheld Device' is expected to further solidify SBI's position in the market by broadening its customer reach and enhancing service delivery.
InvestingPro Tips suggest that SBI has been experiencing accelerating revenue growth and has consistently increased its earnings per share. The bank has also raised its dividend for 3 consecutive years. Despite a few challenges such as low earnings quality and weak gross profit margins, SBI remains a prominent player in the Banks industry, providing high returns on book equity to its stockholders. For more detailed metrics and tips, readers can visit InvestingPro, which provides an additional 14 tips on SBI.
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