SBI launched SBI Freedom, a telephone banking facility in Chandigarh

In India public sector banks (PSBs) have steady customer base. The Reserve Bank of India the regulatory body of the banking system has given permission to one of the PSB to introduce telephone banking facility so that banks can offer latest facility to their customers.

On Friday State Bank of India launched a service called SBI Freedom, and the facility is fully functional in its Chandigarh circle.

Currently PSBs are offering internet banking facility to their customers and many of them have linked their branches through the internet.

The bank’s chief general manager for the circle, SK Sehgal, said, “With this launch, our customers will be able to use facilities like balance enquiry, mini statement, fund transfer, cheque book issuance, mobile recharge and bill payment at any time and place through the use of their cell phones. We are also working at adding rail and air ticket booking and shopping to this service.” In the beginning this facility will be available only on Java-enabled mobile phones with GPRS connections. Sources said services for other phones are under process.

The bank has set a limit of Rs 5,000 for daily fund transfers and Rs 10,000 for bill payments.

To enable the services the customers can get the software installed at any of the bank’s branches for free through Bluetooth technology.

An SBI official told, “A customer is registered when he or she sends an SMS to 567676 prefixed with the area code. The service is activated either after the password is verified at an ATM or by the bank branch when the customer appears in person. This makes the system foolproof”.

The official pointed out that people living in remote areas will be benefited the most from this service. “We also expect students to avail of the facility,” he added.

Out of the 30 lakh customers in Chandigarh circle, 7 lakh are expected to get subscribed to the new system.

Punjab National Bank’s Chandigarh circle head, AK Loomba, stated, “We are also working on developing this kind of a service. But first, we will try to understand its limitations.”