Banking services will go digital due to Demonetisation push, says SBI

New Delhi: Crediting demonetisation for the biggest push towards digital banking, SBI on Monday said it envisions the entire range of banking services going digital over the next few years.

"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.