Launch of ‘State Bank MobiCash’
Hon'ble Union Minister of Finance & Corporate Affairs Shri Arun Jaitley and Hon’ble MoS Communications (Independent charge) & MoS for
Railways Shri Manoj Sinha.
Mumbai 17th December 2016: Hon'ble Union Minister of Finance and Corporate Affairs and Minister of State for Communications (Independent charge) and Minster of State for Railways jointly launched State Bank Mobicash Mobile Wallet, a product by SBI and BSNL. Initially the service will be made available in the States of Punjab, Rajasthan, Haryana and Bihar. The service will then be expanded on pan India basis by 31st December’2016.
“State Bank MobiCash” is a joint endeavor of “State Bank of India” & “Bharat Sanchar Nigam Ltd. (BSNL) to provide a mobile wallet for the masses which not only works with smartphone but with normal feature phone also. The special feature of MobiCash is that users can deposit cash with BSNL retail outlets and can also withdraw cash from his/her account. This feature is unique with MobiCash and is not available with any of the Mobile wallets available in India at present.
While launching the service, Minister of Finance and Corporate Affairs, Shri. Arun Jaitley appreciated the broader vision of SBI and BSNL to bring a Wallet both for smart and feature phones. He asserted that with the large network of BSNL and trust of SBI, this Wallet will reach the remotest area of the country, in line with the mission of the Govt. of India.
Minister of State for Communications (independent Charge) and Minister of State for Railways Shri. Manoj Sinha said “With a bold and the biggest financial initiative by our dynamic Prime Minister, India is now moving towards less-cash society. The mobile wallet of SBI and BSNL will help Indian masses especially semi-urban and rural population to adopt new way of cash less living which will provide enormous opportunities to India to grow further and to have full financial inclusion.”
Smt. Arundhati Bhattacharya, Chairman SBI, congratulated the team for envisioning and creating a product which is useful for anyone and everyone. She said that “This wallet would initiate the masses to the digital journey in an assisted mode”
On this occasion CMD BSNL Mr. Anupam Shrivastava in his address said “Mobicash” is being launched at the time when Demonetization has been announced and Cashless Financial transactions are being promoted by the Govt. of India. He added, “Mobicash” provides services to all the sections of our mobile users in the country, be it a smartphone user or a basic feature phone user. This mobile Wallet is brought to market jointly by SBI, BSNL and its Technology partner Triotech Solutions. This will bridge the gap between the Urban and Rural market and fulfill the aspirations across all the sections of our society and move our country towards a Cashless world.”
The USP of this wallet is that it has both customer initiated and retailer assisted features for usage of Wallet, backed by huge base of more than six lakhs retailers of BSNL who will act as BSNL Customer Service Points (CSPs) to bring Bank closer to the end User.